SUI Enters High-Risk Phase as Wave 4 Approaches Exhaustion

SUI is currently in a high-risk phase, as it moves through what analysts classify as Wave 4 of an ongoing bearish sequence. This wave is nearing its exhaustion point, leading the market towards a crucial moment: either a confirmed reversal that disrupts the current correction, or a decline into the expected Wave 5, which would complete the overall downward trend.

Key Takeaways

SUI is in a high-risk area, nearing the exhaustion of Wave 4 in a bearish sequence.
The cryptocurrency is currently testing the critical support level at $1.41 while approaching a resistance zone between $1.68 and $2.21.
A breakout above $2.21 would suggest that SUI has completed its upward impulsive waves and may indicate a market bottom.
If SUI fails to surpass resistance, it might lead to further downward movements.
The cryptocurrency's movements are aligned with Bitcoin and may imply additional lows before a significant recovery occurs.

SUI

Key Bounce at $1.41: SUI Tests Important Support Extension

According to a recent report by More Crypto Online, SUI is bouncing off the 100% extension level at $1.41, a key support area that has consistently proven important. This reaction indicates the first significant effort by buyers to counteract the recent downward pressure.

Currently, the price is approaching a major resistance zone between $1.68 and $2.21—an anticipated area for a potential Wave 4 bounce. The analyst highlights that Wave 4 retracements can vary widely in depth, suggesting that SUI might need to move within this entire range before determining a stronger direction.

A decisive break above the $2.21 threshold would be a powerful technical indicator. Such a movement would imply that SUI has completed all five upward impulsive waves, raising the likelihood of a significant market bottom being in place.

SUI

Source: Chart from More Crypto Online on X. SUI is encountering several key resistance levels.

For now, More Crypto Online notes that the downside structure still appears unfinished; therefore, if SUI fails to surpass the resistance levels, the broader corrective trend may resume. Despite this recent bounce being constructive, it has not yet reversed the larger macro structure.

This perspective aligns with Bitcoin’s current behavior, which indicates the potential for another low to form following a three-wave corrective rebound. This scenario suggests that SUI might still have one more downward push to complete the full corrective pattern before a stronger recovery can begin.

Wave 4 Develops as SUI Approaches Key Resistance Region

The analyst further clarified that the current movements on the SUI chart are being evaluated as a possible Wave 4 within a larger C-wave decline. A full C-wave typically requires a complete five-wave structure, meaning the chart is still lacking one more low before establishing a more reliable bottom. This interpretation will hold unless the price action indicates otherwise.

Additionally, if SUI shows a clear rejection or reversal in the key resistance zone, it would strongly imply that Wave 4 has reached its peak. If such confirmation occurs, the outlook will be updated to reflect the expectation of a final downward wave to complete the structure.

SUI

SUI trading at $1.54 on the 1D chart. Source: SUIUSDT on Tradingview.com