SUI holds above $3.17 support, signaling a possible Wave (3) rally with $14.00 as a projected high if momentum confirms.
A rounded bottom near $3.18 suggests accumulation, with a breakout above $3.40 potentially setting up a $5.00 mid-term target.
Analysts highlight $SUI as a trend leader for alts, with multiple setups aligning around the $3.20 pivot as a critical breakout base.
SUI is testing a critical support region after a textbook Wave 2 correction, with bulls eyeing a return to mid-range levels. Market structure and price action suggest renewed upside potential if the $3.17 base holds firm.
Wave Structure Suggests Bullish Expansion Ahead
SUI’s current chart displays a technically aligned impulse wave, where support at $3.17 plays a pivotal role in trend continuation. The recent correction into Wave 4 territory has stabilized, hinting at the next major wave movement. Analysts now observe whether this consolidation marks the beginning of a strong bullish extension.
Source: Post on X
At this stage of the pattern, the analyst highlights a near-perfect corrective retracement within Elliott Wave structure. According to the setup, Wave (2) completed near $3.17, coinciding with Fibonacci retracement zones, and marked a clean reset of the previous leg. The price currently rests on this level, reinforcing its significance as a foundational support in the bullish cycle.
Following the correction, the projected Wave (3) breakout points toward $14.00, with an upward projection zone visually anchored in the chart's green band. This aligns with historical impulse waves, where the third leg typically displays the highest momentum. What adds conviction is the confluence of price structure and the guideline of alternation—seen between the sharp Wave (2) and the more gradual $9.00–$10.50 Wave (4).
Notably, price behavior respects the symmetry of the five-wave model, with the impulse phase potentially resuming from current lows. Volume indicators, though not shown, are inferred to support momentum, typical of breakouts from Wave (2) bases. Key support remains $3.17; holding above that could reaffirm trend continuation.
Rounded Bottom Reinforces Support Structure
In addition to the wave-based view, another analyst presents a lower-timeframe outlook featuring a rounded bottom pattern. The 4-hour chart confirms that SUI trades just above a critical demand zone, between $3.00 and $3.18, where price has bounced multiple times historically.
Source: Post on X
Looking at price interaction within this support band, the rounded bottom signals an accumulation phase, often preceding major upward swings. The curve’s gradual incline reflects a steady shift in sentiment. What’s more, the projected breakout at $3.40 targets $5.00, matching prior resistance reaction zones and offering traders a reasonable mid-term setup.
Not only that, the analyst points to narrow buy/sell spreads ($3.26/$3.25), underscoring price stability in this range. This has led to early signs of bullish intent, though confirmation hinges on a clean flip of $3.40 into support. Could this structure offer a strategic entry aligned with the broader impulse? Traders watching this level may find key clues in market participation and intraday volume.
Support Views Gain Momentum Across Analysts
Several market voices, including a third analyst, echo the view that $SUI is a leading altcoin as it reclaims major levels. The shared sentiment suggests altcoins may follow SUI’s lead if the current structure plays out. This multi-analyst convergence adds weight to the technical relevance of the $3.20 pivot.
Even so, price must hold above its recent base for any bullish forecast to materialize. The next sessions remain technically decisive.
