SUI Ticks Up 1.11% as $3.17 Support and $4 Resistance Remain Key Focus

SUI’s price action continues to draw attention as it struggles to break above the $4 resistance level for a second time. Traders and analysts now focus on whether the asset can hold the $3.17 support level, which has emerged as a key indicator of its near-term direction [1]. Following repeated rejections at $4, the price currently stands at $3.748, showing a 1.11% increase in the most recent session, though volatility persists [1].

Technical analysis suggests that Fibonacci retracement levels play a significant role in shaping SUI’s potential path. The 0.786 retracement aligns with $3.62, while the critical 0.618 level coincides with $3.17. If the price falls below this level, it could signal a broader retracement and weaken the bullish case. However, a successful defense of $3.17 would reinforce the current structure and maintain the possibility of a breakout [1].

A bullish scenario emerges if SUI manages to clear the $4 threshold. The first key target is $4.93, followed by potential extension levels at $5.47, $6.16, and finally $6.90, which is positioned at the 1.618 Fibonacci projection. Analysts note that reaching $6.90 would confirm a multi-stage rally and shift the market narrative toward sustained strength [1].

On the chart, a rising trendline drawn from April continues to provide support, offering a structural framework for bulls despite short-term weakness. Market observers emphasize that this trendline, combined with key Fibonacci levels, could serve as a safety net as the price consolidates [1].

Community sentiment reflects a mixed outlook, with traders divided on whether to expect a breakthrough or a deeper correction. Some view the current setup as a buying opportunity, while others caution that insufficient conviction could delay any meaningful move higher. Social platforms show active discussions about the implications of SUI’s next move, with opinions ranging from cautious optimism to skepticism about market momentum [1].

The immediate focus remains on the $3.17 support and the $4 resistance level. A failure to maintain either could shift the balance in favor of the opposing side. Analysts stress that volume and price action around these levels will be crucial in determining whether SUI continues its consolidation or initiates a new directional phase [1].

As the market awaits a definitive move, the key question remains: will SUI convert the $4 resistance into a springboard for a rally toward $6.90, or will the support at $3.17 ultimately fail? The answer will shape the near-term trajectory of the asset and its positioning within the broader market.

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Source:

[1] title: SUI Price Faces $3.17 Support After Another $4 Resistance Rejection

url: https://cryptonewsland.com/sui-price-faces-3-17-support-after-another-4/