SUI News Today: "SUI's Price at Crossroads: Support Defense or Deeper Correction?"

SUI, the native token of the Sui blockchain, has entered a critical phase as its price tests a key support zone amid mixed signals from technical indicators and market sentiment. After a five-wave upward movement that saw the token surge 115% since April, SUI stalled at the $4.15 horizontal resistance level in May, triggering a pullback that has raised concerns about a deeper correction SUI Uptrend Loses Steam — Price Eyes Support Near $3^[1]. Current price action suggests the asset is in a potential A-B-C correction, with Wave C targeting a range between $3 and $3.36 if the count holds SUI Uptrend Loses Steam — Price Eyes Support Near $3^[1].

Technical analysis highlights bearish divergence in the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), both of which indicate weakening momentum. A breakdown below the $3.20 support level could trigger further declines, with the next key target at $3.00 SUI Uptrend Loses Steam — Price Eyes Support Near $3^[1]. The SUI/USDT daily chart shows a bearish engulfing candlestick pattern, reinforcing the risk of a breakdown. Meanwhile, the token's six-hour chart reveals a consolidation within a symmetrical triangle, with immediate resistance at $4.94 and deeper support at $3.28 SUI Price Hovers Below Resistance, Bearish Continuation Looms^[6].

Market observers are closely watching for confirmation of Wave B in the Elliott Wave structure. If the current correction completes, SUI could resume its long-term bullish trend and attempt another breakout above $4.15 SUI Uptrend Loses Steam — Price Eyes Support Near $3^[1]. However, the path to new highs remains contingent on holding above critical support levels. Recent on-chain data shows SUI trading near $3.56, with treasury expansion and a planned NASDAQ listing cited as potential catalysts for recovery SUI Price Holds Above $3.50 Despite $2.4M Exploit^[8].

The Sui ecosystem has also seen infrastructure upgrades, including the launch of a public beta for GraphQL RPC and a General-purpose Indexer, which aim to improve developer tools and data accessibility Sui (SUI) Price Prediction: Sui Poised to Reach $7 on Breakout Patterns and Tech Upgrades^[3]. These developments, coupled with the introduction of native stablecoins USDi and suiUSDe, have drawn institutional interest, with Coinbase Derivatives set to list SUI futures on October 20 SUI Jumps 5% as Sui Blockchain Announces Native Stablecoins Amid Broader Rally^[5].

Despite these positives, the token faces headwinds. A $2.4 million exploit in the Nemo protocol on September 8 has weighed on sentiment, though SUI has managed to hold above $3.50 amid mixed technical signals SUI Price Holds Above $3.50 Despite $2.4M Exploit^[8]. Additionally, the broader market's cautious tone-reflected in Coinglass data showing consistent exchange outflows since mid-September-suggests investors are positioning for long-term staking rather than immediate trading SUI Price Prediction: Mainnet Upgrade Boosts Momentum^[4].

Price predictions vary widely. A bullish case, based on Fibonacci projections and ascending triangle patterns, targets $7.39 if SUI breaks above $4.20–$4.30 resistance Sui (SUI) Price Prediction: Sui Poised to Reach $7 on Breakout Patterns and Tech Upgrades^[3]. Others cite an extended fifth wave in the Elliott Wave structure, with potential targets at $10 or $11.50 SUI Bullish Pattern Signals Rally Toward $11.50^[7]Elliot Wave Pattern for Sui Price Forecasts $10 Target Amid Meme Coin Frenzy^[11]. Conversely, bearish scenarios warn of a breakdown below $3.20, with deeper corrections to $3.00 or $2.80 SUI Price Hovers Below Resistance, Bearish Continuation Looms^[6]SUI Expecting The Final Bullish Wave To Break Above $5^[9].

The immediate outlook hinges on whether buyers can defend the $3.48–$3.52 support range and break decisively above $3.63 SUI Price Prediction: Mainnet Upgrade Boosts Momentum^[4]. A sustained move above this level could trigger a rally toward $3.84–$3.90, while a failure to hold would likely extend the correction toward $3.20 SUI Price Prediction: Mainnet Upgrade Boosts Momentum^[4]. Analysts emphasize the importance of volume confirmation for any breakout, with current 24-hour volume at $88.14 million slightly below the 90 million threshold needed for a validated upward move SUI Price Holds Above $3.50 Despite $2.4M Exploit^[8].

Institutional adoption and ecosystem growth remain key variables. Sui's expanding developer activity and integration with South Korean payment platform t'order have boosted retail demand SUI Jumps 5% as Sui Blockchain Announces Native Stablecoins Amid Broader Rally^[5]. Meanwhile, the SEC's potential approval of a SUI spot ETF later this year could attract additional capital Elliot Wave Pattern for Sui Price Forecasts $10 Target Amid Meme Coin Frenzy^[11].

As the market awaits confirmation of Wave B, SUI's trajectory will depend on balancing technical resilience, infrastructure progress, and macroeconomic factors. A successful retest of $4.15 resistance could reignite bullish momentum, but the path remains fraught with volatility.