SUI Bounces from Key Support Level
SUI is currently testing important technical levels as it navigates what appears to be the fourth wave of a larger bearish pattern. The cryptocurrency recently bounced from the $1.41 support zone, which has historically served as a significant area for buyers to step in. This reaction marks the first real attempt to halt the recent downward pressure that’s been building.
I think it’s worth noting that these wave 4 retracements can be quite unpredictable in terms of how deep they go. The price could fluctuate quite a bit within the current range before establishing a clearer direction. It’s not unusual for these patterns to test traders’ patience.
Resistance Zone Looms Ahead
From here, SUI faces a major resistance area between $1.68 and $2.21. This is where analysts expect any potential wave 4 bounce to encounter significant selling pressure. The upper boundary at $2.21 represents a particularly important level to watch.
If SUI manages to break decisively above $2.21, that would be a pretty strong technical signal. It would suggest that the cryptocurrency has completed all five impulsive waves to the upside, which might indicate that a more substantial market bottom has already formed. But honestly, I’m not convinced we’re there yet.
Incomplete Downside Structure
The broader technical picture still suggests the downside structure isn’t complete. The recent bounce, while encouraging for short-term traders, hasn’t really reversed the larger macro structure. There’s still a possibility that SUI needs one more downward leg to finalize the full corrective pattern.
This outlook seems to align with what Bitcoin is showing too. Bitcoin’s current pattern hints at the possibility of another low forming after what appears to be a three-wave corrective rebound. If that plays out, it would support the idea that SUI might still have some downside left before a stronger recovery can begin.
What to Watch For
The current movement is being viewed as part of a larger C-wave decline, which typically requires a full five-wave structure. Since we’re only seeing four waves so far, the chart suggests we might be missing one more low before a more reliable bottom forms.
If SUI shows clear rejection or reversal signs within that key resistance zone between $1.68 and $2.21, that would strongly suggest wave 4 has peaked. That would set up expectations for a final wave down to complete the structure. But markets can surprise you, so I’d keep an open mind about alternative scenarios.
For now, it’s probably wise to watch how price behaves around these critical levels. The $1.41 support held once, but whether it continues to provide a floor remains to be seen. The resistance zone above will likely determine whether we see continuation of the current bounce or resumption of the broader decline.
