SUI Price Shows Early Weakness After Hitting New All-Time High
SUI made a new all-time high near $4 and got overextended. The price currently consolidates with two scenarios ahead.
Key Takeaways
- SUI completed a five-wave structure, peaking at $3.95.
- RSI indicates overbought conditions, signaling potential correction.
- Key support lies at $3.50, with a deeper risk of $3.20.
SUI recently achieved a new all-time high of nearly $4 on Nov. 16 after significantly recovering from its August low of $0.46. This marked the completion of a five-wave Elliott structure driven by strong bullish momentum.
However, overbought Relative Strength Index (RSI) levels and ongoing consolidation suggest a possible pullback before the next major move.
SUI Price Analysis
SUI’s price reached its all-time high of $2.20 on March 28 before declining, bottoming at $0.46 on Aug.5.
This marked a 79% drop, pushing the daily Relative Strength Index (RSI) into oversold territory, signaling a potential reversal.
A new uptrend followed, with SUI hitting a higher high of $1.10 on Aug. 12 and a higher low of $0.74 on Sept. 6. Momentum carried SUI to a new all-time high of $2.37 on Oct. 14.
Still, bearish RSI divergence and weakening momentum led to a 32% drop to $1.60 on Oct. 28. After a quick rebound to $2.12, a symmetrical triangle formed around $1.82, identified as wave 4 of a five-wave rise.
On Nov. 16, SUI reached a new all-time high of nearly $4. However, the RSI indicates overbought conditions, signaling a potential reversal.
The ongoing consolidation suggests that the price may be preparing for a correction or a brief pullback before attempting further upward movement.
Key Observations
- Five-Wave Completion: SUI has completed a five-wave Elliott structure, with wave 5 reaching $3.95.
- Overbought RSI: The RSI shows overbought conditions
- Potential Pullback: Consolidation at the top hints at a possible correction before resuming the uptrend.
SUI Price Prediction
The hourly chart highlights a completed or near-completed five-wave impulsive structure, with its lower degree wave 4 currently consolidating near $3.62.
A descending flat triangle formed after reaching an all-time high, suggesting indecision at this trend stage.
This is why there are two scenarios ahead. Either its recent high concluded the uptrend or another minor higher high to $4.16 is ahead.
Momentum remains bullish overall, but the consolidation pattern implies caution, as upward and downward breakouts are possible. If SUI breaks upward, wave (v) could extend toward a higher high. Conversely, a breakdown below the triangle’s support of $3.50 would likely lead to a deeper retracement.
Key Levels to Watch
- Immediate Resistance: $3.80 (local high within the triangle).
- Upside Target: $4.00 (psychological resistance) and $4.20 (extension of wave (v)).
- Support Levels: $3.50 (triangle support) and $3.20 (previous wave (iv) high).
- Deeper Support: $2.88 (0.5 Fibonacci retracement of the current wave).
A breakout above $3.80 could confirm further wave (v) upside, targeting $4.00-$4.20. However, a breakdown below $3.40 may lead to a retest of $3.20 or lower, signaling the end of the current impulsive structure.
Sui Price Prediction 2025: SUI Hits New All-time High, What Next?
