SUI holds key Fibonacci and structural support, signaling potential for another bullish leg.
Falling wedge breakout and RSI near oversold suggest momentum may soon return to bulls.
Ecosystem growth and strong DEX volume support a possible move toward the $5.1927 target.
Sui (SUI) is forming a familiar technical structure that has previously resulted in major rallies. Following a strong run from $2.22 to a swing high above $4, the token is now consolidating near a confluence of support levels. Currently, SUI trades at $3.06 and is setting up for a potential move toward $5.1927.
Falling Wedge Breakout and Support Confluence Confirm Bullish Setup
According to Iko Web3 via X, SUI is “breaking out of another falling wedge” with a similar structure to past breakouts. He added, “Same pattern, same setup, same play.” This falling wedge has previously produced fast gains, and the current formation appears just as clean.
Price has recently pulled back from its high and is now holding a key support zone. This includes the 0.618 Fibonacci level, a bullish order block, and the point of control. The confluence of these levels supports the possibility of forming a higher low. As long as this area holds, analysts expect another leg higher.
The MACD on the daily chart has reversed below the signal line, which may delay momentum. However, the Relative Strength Index at 39 suggests that SUI is approaching oversold conditions, and buyers could regain control if key support levels hold.
Strong Network Growth and Market Recovery Drive Outlook
Despite recent volatility, Sui continues to grow its ecosystem. Total value locked (TVL) remains near $1.78 billion, and daily DEX volumes are above $300 million. The stablecoin market cap on Sui also rose by 2.73% in the last 24 hours.
Kaleo, a well-known analyst, stated on X that “SUI ATH sooner than you think.” The breakout from the $2.22 region established a bullish market structure. If the current support zone continues to hold, SUI may retest it’s all-time high and aim for $5.1927 as the next price target.
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