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Amid a general crypto market rebound, SUI stood out from the crowd, emerging as the second-highest weekly gainer, rising by 67.21%. The prominent altcoin has been one of the major headliners of the current market cycle, increasing by 192.70% in the past year.
However, certain market technical indicators show that SUI is likely headed for a correction following its most recent explosive gains. Related Reading SUI Price Soars Despite Overbought RSI – Can The Rally Sustain? 1 day ago Elliott Wave Count Suggests Pullback Looms For SUI
In an X post on Friday, X market analytics handle More Crypto Online shared an interesting analysis on the SUI market using the Elliott Wave theory — a technical tool that predicts future price trends by recognizing recurring wave-like patterns.
According to the analysts at More Crypto Online, SUI’s bullish performance in the past week means the altcoin has surged to the 178.6% Fibonacci extension level around $3.71. This specified Fibonacci level represents a major technical milestone as it is a classic target area in Wave 3 in the Elliott Wave analysis.
For context, the Elliott Wave theory postulates that price movements occur in five recurring wave patterns. Wave 3 is usually regarded as the strongest and longest wave in a bullish trend. It is a wave of confirmation indicating a robust market participation. Source: @Morecryptoonl on X
Based on the current wave count in the SUI market, the altcoin is completing the final stages of Wave 3, having surpassed the minimum Fibonacci extension level of 138%. As expected, signs of waning demand are beginning to set in, as indicated by a 5.7% price retracement in the past day.
More Crypto Online predicts Wave 4 — a corrective price phase may now be imminent. SUI is expected to experience a price pullback with initial support zone set at $3.27. Notably, a decisive price break below this level would confirm the end of Wave 3 and the beginning of Wave 4.
Furthermore, a deeper market support lies between $2.95 and $2.75, which represents the 38.2% – 50% Fibonacci retracement zone of the Wave 3 move. More Crypto Online views this price region as the support target zone for a healthy Wave 4 correction.
Therefore, market bulls must hold this price zone to retain SUI’s bullish structure and set the stage for a potential Wave 5 breakout. SUI Price Outlook
At press time, SUI trades at $3.58 following an 8.85% overall gain in the past day. Meanwhile, the coin’s daily trading volume is up by 18.64% and valued at $3.44 billion.
If SUI’s price retracement continues, the altcoin is expected to trigger Wave 4 of its current wave cycle, indicating a potential 50% correction lies ahead. However, if bullish momentum remains intact, SUI could rise to around the 200% Fibonacci extension level, around $3.99, which represents the coin’s next major resistance. Related Reading Ethereum Up 12% In a Week, but Derivatives Data Suggests Caution 17 hours ago SUI trading at $3.5304 on the daily chart | Source: Tradingview.com
Featured image from Adobe Stock, chart from Tradingview