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SUI Price Analysis: Targeting a Break Over $5

Since our last blog post on SUI, the coin has surged nearly 900% in value. With this remarkable growth, it’s time to analyze SUI’s Elliott Wave structure and evaluate the current cycle.

Starting in August 2024, SUI initiated an impulsive five-wave structure to the upside within wave (3), culminating in a rally to nearly $4.7—close to the 1.618 Fibonacci extension level. Currently, the coin is in its fourth corrective wave, expected to target the $3.7–$3.1 zone. This range aligns with the 23.6%–38.2% Fibonacci retracement levels of the prior advance and represents the short-term equal legs area.

Once wave (4) concludes, SUI is poised to regain momentum and initiate wave (5), pushing the price to new highs beyond the $5 mark. Notably, SUI’s daily structure remains bullish, with this temporary pullback expected to stabilize in either 3, 7, or 11 swings.

Following the completion of wave (5), the five-wave advance will end, likely leading to a more significant three-wave correction.

In summary, SUI’s upward trajectory remains intact, with the current retracement setting the stage for the next bullish wave. Stay tuned for further updates as we monitor this exciting development.

$SUI

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