SUI is attracting interest as technical patterns hint at its potential next moves. Crypto analyst @Coinvestor777’s Elliott Wave analysis places SUI in Wave 4, suggesting a possible upward movement once this correction phase is completed. 

Adding weight to the bullish case, trader @ali_charts has spotted a TD Sequential buy signal forming on the 4-hour chart. While these technical indicators paint an optimistic picture, the token’s next moves remain to be seen in the characteristically volatile crypto market.

Coinvestor.sui notes that SUI follows a textbook Elliott Wave impulse pattern, which consists of five waves. The asset is currently in Wave 4, a corrective phase that may find support between $2.26 and $1.88 before reversing upward. If the pattern holds, Wave 5 could push SUI higher, with key upside targets based on Fibonacci extensions.

I believe that the recent market state is actually irrelevant for $SUI

There's still a slight downside potential before the leg up for the 5th wave

Sui is following a textbook Elliot waves pattern which makes it really stand out as an EASY trade in the recent market drama

EYES… pic.twitter.com/agIbxjNaJU

The analysis highlights crucial Fibonacci retracement levels for support. The $2.26 mark is considered a critical buying target and the most important support, as it coincides with the 1.0 Fibonacci retracement. The next crucial level, $1.88, which corresponds to the 0.786 Fibonacci retracement—the last retracement before a potential bullish reversal—should this level fail.

A deeper correction could push SUI toward $1.57, the 0.618 retracement level, indicating a more extended downturn. If SUI maintains support above $2.26 and successfully breaks past $3.38, which aligns with the 1.618 Fibonacci level, Wave 5 could drive the price toward $5.19 and potentially extend to $6.99. 

The Fibonacci extension levels also indicate potential resistance zones for Wave 5. The $3.38 price point serves as an important breakout barrier, and exceeding this may trigger a rise toward $5.19, functioning as a mid-range resistance. Should momentum persist, SUI might rise to $6.99, a more assertive bullish objective, and eventually reach $8.11, indicating the complete Fibonacci extension

A bullish scenario would require SUI to sustain its position above $2.26 and clear $3.38 to confirm the start of Wave 5. In contrast, if the price drops below $2.26, a decline toward $1.88 or $1.57 could occur before any potential reversal.

Read also: How Many Litecoin (LTC) Tokens You Need to Become a Millionaire by 2026?

Backing the optimistic perspective, Ali (@ali_charts) points out that the TD Sequential indicator has signaled a buy on the four-hour chart. This indicates that the selling pressure might be diminishing, creating an opportunity for a possible recovery.

$SUI could be gearing up for a rebound, as the TD Sequential indicator flashes a buy signal on the 4-hour chart! pic.twitter.com/pT1skPWJ88

Currently, SUI trades at $3.15, showing a 3.09% rise in the last 24 hours, yet a 3.41% drop over the past week, as per CoinGecko. The substantial trading volume of $936 million signifies robust market engagement, bolstering the likelihood of a forthcoming price shift.

SUI is at a crucial point, as analysts are watching the $2.26 support level intently. A verified breakout over $3.38 would confirm the initiation of Wave 5, possibly resulting in a significant upward movement. However, failure to hold key supports could extend the correction further.

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The post SUI’s Market Setup Points to a Potential Upside—Key Levels to Watch appeared first on CaptainAltcoin.

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