SUI Market Analysis (April 30, 2025)
SUI is currently consolidating around the $3.46 Fibonacci resistance, following Bitcoin's recent retracement to the 61.8% level. The price action shows signs of strength as it "dances" around this Fib level, indicating potential for further upside if support holds.
Key Technical Insights:
SUI mirrors Bitcoin’s move but slightly delayed.
We are tracking a 5-wave move (Elliott Wave theory) in progress, currently in Wave 4.
A bull flag pattern may be forming, indicating bullish consolidation.
Immediate micro support: $2.79 – $2.82
Critical short-term resistance: $3.87
Next major targets (Wave 5 extension): $3.99 and $4.27
Entry Suggestion (Swing Trade):
Buy Zone: $3.02 – $3.32 (potential Wave 4 bottom)
Stop-Loss: Below $2.79 (if this level breaks, Wave 4 fails)
Targets:
TP1: $3.87 (breakout confirmation)
TP2: $3.99
TP3: $4.27
TP4 (macro bullish scenario): $7.35 – $10.91
Outlook: As long as support at $2.79 holds, SUI is likely to continue its bullish trend with potential to reach higher Fib targets. However, failure to maintain that support could signal the beginning of circle Wave 2, leading to a deeper correction.
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