SUI's Price Rebounds at Crucial Support Level, Aiming for Potential Upswing between $8 and $10
The digital asset Sui (SUI) is currently trading at $3.85, up 3% in the last 24 hours and over 8% for the week. The current forecast for SUI's price breakout is cautiously optimistic but mixed, reflecting patterns of both potential upward breakout and the risk of correction.
Sui is currently trading inside an ascending wedge pattern, a common formation that often signals a potential breakout zone. Analysts suggest a breakout target between $8 and $10, with the upper wedge boundary serving as key resistance. The weekly chart shows firm support at around $3.20, repeatedly tested and holding, indicating steady buyer demand at this level.
Critical Fibonacci retracement levels at 0.618 and 1.618 coincide with strong support and resistance zones. The $3.20 support aligns with these levels, reinforcing the demand floor. Trading volume is robust, exceeding $1.7 billion, which indicates high market interest and momentum to potentially sustain a breakout rally.
However, some technical signals indicate short-term caution. A broad rising wedge with bearish fractal patterns on the daily timeframe signals a possible 22% drop risk, with a test of the 100-day moving average support near $3.63 and a potential slide toward $2.80 if support breaks. This pattern implies slowing bullish momentum and potential reversals.
Recent failed recovery attempts below the 25-day moving average reinforce the risk of a deeper correction despite current support. If Sui can break above the wedge resistance, it may trigger a more significant price rally. Holding above the support is the first step for Sui to cross the resistance and confirm the next leg up.
The price of Sui recently tested a key support level of $3.20 and bounced back. If momentum builds for SUI, the path to $8 and beyond could open. The Fibonacci extension at 1.618, near $10, stands as a significant target for SUI. Analysts continue to emphasize the importance of the wedge resistance line for SUI.
In summary, the SUI price is at a critical juncture: the ascending wedge with strong support and trading volume supports an upward breakout target between $8 and $10, but the rising wedge and bearish fractal patterns warn of a possible near-term pullback of up to 22%. Traders should watch key support at $3.20–$3.63 and resistance around $4.50 to confirm the next directional move.
Sui's current trading within an ascending wedge suggests possible investment opportunities, as analysts forecast a breakout target within the range of $8 to $10. However, the rising wedge and bearish fractal patterns indicate a potential 22% drop risk that should not be ignored, highlighting the importance of monitoring key support levels at $3.20–$3.63.
