The rejection at the 0.786 Fibonacci level causes a sharp rally on SUI, proving $2.73 as a strong support area.
Price action respects the trendline, maintaining a higher low structure despite recent corrections.
Immediate resistance lies at $3.08, with breakout targets identified at $4.01, $4.96, and $6.04.
After facing recent selling pressure, SUI has shown a sharp rebound from a critical retracement zone. The asset touched the 0.786 Fibonacci level, near the $2.73 support, and responded with a clean and confident bounce. The market structure remained intact despite several red candles during the prior weeks.
The moving trend since mid-2023 has been strong, providing no evidence of structural failure. Rather, the price action verified the zone as an area of strength. The pullback maintained a healthy form, suggesting consolidation rather than capitulation.
Rebound Signals Higher Low Amid Building Momentum
Following the bounce, SUI currently trades at $3.06, registering an 11.8% increase in the last 24 hours. This move aligns with the recent uptick in Bitcoin as well, with SUI gaining 10.1% against BTC. Notably, the 24-hour range sits between $2.73 and $3.08, with the asset now testing the upper limit of that range.
The current push from support levels indicates a potential higher low formation, a key element often seen in sustained uptrends. The trendline and the green accumulation zone on the chart continue to act as base support. This area has repeatedly provided footing during previous declines, reinforcing its importance.
Price Eyes Breakout as Resistance Nears
Looking ahead, immediate resistance stands at $3.08. A decisive close above this level could confirm a breakout from the descending structure. The chart also reveals a contracting wedge pattern, with the upper boundary now under pressure. If breached, subsequent targets could be observed at $4.01, $4.96, and $6.04 respectively.
https://twitter.com/CryptoBull009/status/1940634530571792724
The final projection on the chart touches $7.01, which remains a longer-term target pending confirmation of continued momentum. Up until that point, traders seem to pay close attention to the behavior of SUI around the wedge apex, as well as the resistance level at 3.08. Momentum is building and a price action around this point becomes crucial.
Trendline Support Holds Strong as Setup Unfolds
The broader technical setup remains driven by a series of higher lows supported by the long-term ascending trendline. Price structure maintains symmetry within the wedge, despite the corrective phase from prior highs. The green support box near $2.00 to $2.50 continues to attract buying interest during every major dip.
This suggests demand concentration at these levels. If this setup holds, the asset could sustain a structured leg higher in the coming weeks. However, the price remains below key resistances and needs further confirmation before any directional bias develops.
