SUI Bounces From Key Support Amid Bullish Technical Outlook

SUI has shown strong resilience by holding above its long-term uptrend support, a critical level that has acted as a repeated psychological barrier. The token recently defended the 0.786 Fibonacci retracement zone with a clean rebound, reinforcing a bullish market structure that has maintained higher lows on weekly charts [1]. This has led many traders to speculate on a potential breakout from a narrowing symmetrical triangle, which, if it materializes above $3.50, could push the price toward $4.01, $4.96, $6.04, and even $7.01.

Technical analysts, including Marcus Corvinus, have noted that SUI bounced back "sharp, clean, and confident" from the key support zone between $2.20 and $2.60, a region that has been tested multiple times since September 2024 [1]. Despite the persistent selling pressure over the past weeks, the bullish structure remains intact, with the price continuing to respect the ascending trendline. The recent rebound has been interpreted as a sign of healthy consolidation rather than a breakdown, with many viewing it as a potential higher low that could initiate a larger upward move.

Elliott Wave analysis further supports the bullish outlook, with More Crypto Online suggesting that the asset is currently in the expansive phase of wave (3) within a larger impulsive cycle. Fibonacci projections based on this analysis point to potential price targets extending toward $7.16, $8.17, and even $11.85 if the upward momentum continues to hold [1]. The recent movement above the 61.8% retracement level at $2.4355 has added technical confluence to the bullish case.

Historical retests of SUI’s trendline have previously delivered strong returns, including a 1,058% gain in 2024 and a 122% return in March 2025, according to analyst Lau [1]. These past movements have fueled optimism that the current retest could serve as a catalyst for another significant price surge, potentially pushing the token toward the $7.00 level. The market is now closely monitoring whether this consolidation phase will culminate in a breakout that could lead to multi-month highs.

Momentum indicators suggest that while short-term strength has cooled, with RSI near 53.82 and MACD showing a softer reading, the overall structure still indicates price compression before a decisive directional move [1]. This has led traders to adopt a cautious but optimistic stance, with many anticipating a breakout that could validate the long-term bullish case for SUI.

Source:

[1] SUI Holds Long-Term Trendline Support as Traders Eye Explosive Upside Target (https://cryptonewsland.com/sui-holds-long-term-trendline-support-as-trader/)