SUI consolidates in a rising channel with robust support at $2.80–$3.80, signaling potential breakout above $3.80 for further gains.
Elliott Wave analysis positions SUI for a $10.50 target, with Wave 3 forming and key breakout zones around $4.70 and $5.20.
Strong buyer volume and mid-range support bolster bullish momentum, setting the stage for sustained upward price action.
SUI is consolidating within a critical demand zone, showcasing a strong rising channel structure established since mid-2023. With bullish market patterns emerging and key support levels holding steady, analysts anticipate a potential breakout, targeting significant upside in the weeks ahead.
SUI consolidates in the demand zone as breakout patterns emerge
SUI is currently trading within a rising channel structure that began in mid-2023. A recent retest of the mid-range support between $2.80 and $3.80 has set the stage for further gains. Technical analysts see renewed accumulation and expect continuation if volume holds near current levels.
After the breakout above $3.60, the analyst highlighted that the price remains well-supported within the channel’s bounds. The area between $3.10 and $2.50 has acted as a high-volume demand zone, helping to stabilize the price after the recent correction. Market structure remains bullish, with higher lows forming consistently since early April.
The analysis also noted a visible re-accumulation pattern where weekly candles have clustered tightly along mid-channel support, indicating ongoing positioning from larger players. Volume has held firm around 75–80 million per week, confirming strong buyer interest despite short-term volatility. A clean retest above $3.80 could trigger the next leg higher.
According to the chart, the price roadmap reflects a continued bullish grind, where the path toward $10 appears structured and methodical. Any pullback into the $2.80–$3.80 zone will likely be absorbed by buyers, with deeper downside risks capped by strong support from $1.50 to $2.30—an area that triggered the initial breakout in 2024.
Wave structure hints at an early stage of a major impulse
The current pattern also aligns with an Elliott Wave formation, offering a different lens on the bullish outlook. From the April low near $1.60, the price completed a full five-wave impulse to $5.20, marking the end of Wave 1. The analyst identifies the $3.40 pullback as Wave 2, currently forming the base of a potential Wave 3.
The projected trajectory for Wave 3 targets the $10.50 region, mirroring 161.8% Fibonacci extension principles. To build on this, short-term price action around $4.70 and $5.20 will act as breakout zones, providing directional confirmation. Can Wave 3 hold its bullish structure without revisiting the $3.40 base?
The risk remains if price loses $3.00 support, which would signal a shift back into consolidation. Still, both the rising channel and Elliott pattern point toward long-term upside if buyers defend current levels.
Additional insights from high-timeframe analysts on X
Further commentary across analyst channels reinforces the bullish scenario. One technical analyst highlighted how SUI remains one of the few altcoins holding a long-term uptrend. Another noted that back-tests of support have historically triggered sharp rebounds, with $5.00 in focus.
This broader sentiment supports continued structural confidence in SUI’s chart. Analysts across platforms expect sharp movements once consolidation breaks. As long as support zones remain intact, the setup favors the next breakout leg higher.
The post SUI Targets $10 as Rising Channel and Key Demand Zone Fuel Bullish Momentum appears on Coin Futura. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
