Holds above key supports within a rising wedge, with bulls eyeing $8–$10 if the Fibonacci-driven structure remains intact.
Short-term rejection near $4.15 and weak RSI suggest buyers face resistance despite the wedge’s longer-term bullish setup.
A 44M token unlock pressures price near $3.04, where holding support may spark a bounce, or risk breaking the wedge's base.
SUI is consolidating within a long-term rising wedge, with bulls targeting higher Fibonacci extensions toward $8 to $10. Recent dips have held above structural support, but new supply pressures introduce short-term volatility.
Rising Structure Holds as Fibonacci Levels Guide Long-Term Outlook
Momentum remains in play as SUI trades within a multi-leg wedge pattern, anchored by higher lows and channel symmetry. Price action continues to respect the lower trendline, preserving the broader bullish framework.
Since mid-2023, the price has followed a consistent structure based on Fibonacci levels, 0, 1, and 1.618, mapped across expanding impulse legs. The current move, emerging from a $1.45 rebound, is now approaching the wedge’s upper resistance zone. The path ahead may lead toward the next Fibonacci extension, between $8.00 and $10.80, if the structure remains intact.
Source: Post on X
So far, the mid-channel level around $3.31 continues to hold as a balance point. Meanwhile, ascending support near $2.60 has not been breached, signaling that buyers still control the overall trajectory. Despite a cooldown in momentum indicators, the broader pattern remains constructive, with trendlines converging toward an eventual breakout.
From another perspective, short-term signals hint at weakening momentum
Recent downside movement has cast doubt on SUI's near-term strength, even as the longer-term setup stays bullish. The rejection at $4.15 in May triggered a correction of over 20%, with the price falling to $3.199 before entering a tight consolidation range.
Following the selloff, immediate resistance near $3.789 pushed back attempts to reclaim upside levels. RSI continues to hover below 50, showing reduced buying strength. Volume has also dropped, adding to the uncertainty around whether this zone can support a renewed rally.
Source: Post on X
With 44 million tokens recently unlocked, about 2% of the total supply, questions now turn to whether the market can absorb this dilution. Some signs suggest a bottom may be forming at $3.04, but confirmation remains elusive.
If buyers manage to defend current support, a relief bounce toward the upper $3 range could develop. However, a breakdown below $3.04 would likely invalidate the short-term setup, despite the longer-term wedge remaining valid. The next few sessions could determine whether bulls regain control or if further downside tests the wedge’s lower boundary.
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SUI Tracks Rising Wedge Toward $8–$10, but 44M Token Unlock Adds Risk
Holds above key supports within a rising wedge, with bulls eyeing $8–$10 if the Fibonacci-driven structure remains intact.
Short-term rejection near $4.15 and weak RSI suggest buyers face resistance despite the wedge’s longer-term bullish setup.
A 44M token unlock pressures price near $3.04, where holding support may spark a bounce, or risk breaking the wedge's base.
SUI is consolidating within a long-term rising wedge, with bulls targeting higher Fibonacci extensions toward $8 to $10. Recent dips have held above structural support, but new supply pressures introduce short-term volatility.
Rising Structure Holds as Fibonacci Levels Guide Long-Term Outlook
Momentum remains in play as SUI trades within a multi-leg wedge pattern, anchored by higher lows and channel symmetry. Price action continues to respect the lower trendline, preserving the broader bullish framework.
Since mid-2023, the price has followed a consistent structure based on Fibonacci levels, 0, 1, and 1.618, mapped across expanding impulse legs. The current move, emerging from a $1.45 rebound, is now approaching the wedge’s upper resistance zone. The path ahead may lead toward the next Fibonacci extension, between $8.00 and $10.80, if the structure remains intact.
Source: Post on X
So far, the mid-channel level around $3.31 continues to hold as a balance point. Meanwhile, ascending support near $2.60 has not been breached, signaling that buyers still control the overall trajectory. Despite a cooldown in momentum indicators, the broader pattern remains constructive, with trendlines converging toward an eventual breakout.
From another perspective, short-term signals hint at weakening momentum
Recent downside movement has cast doubt on SUI's near-term strength, even as the longer-term setup stays bullish. The rejection at $4.15 in May triggered a correction of over 20%, with the price falling to $3.199 before entering a tight consolidation range.
Following the selloff, immediate resistance near $3.789 pushed back attempts to reclaim upside levels. RSI continues to hover below 50, showing reduced buying strength. Volume has also dropped, adding to the uncertainty around whether this zone can support a renewed rally.
Source: Post on X
With 44 million tokens recently unlocked, about 2% of the total supply, questions now turn to whether the market can absorb this dilution. Some signs suggest a bottom may be forming at $3.04, but confirmation remains elusive.
If buyers manage to defend current support, a relief bounce toward the upper $3 range could develop. However, a breakdown below $3.04 would likely invalidate the short-term setup, despite the longer-term wedge remaining valid. The next few sessions could determine whether bulls regain control or if further downside tests the wedge’s lower boundary.