SUI, the cryptocurrency, is currently navigating a high-stakes market phase, positioned in what technical analysts identify as Wave 4 of a larger, ongoing bearish sequence. The asset is at a critical inflection point, poised for a decisive move that will either confirm a reversal or lead to a final downturn before a potential recovery.
SUI Tests Critical Support and Faces Major Resistance
Recent market activity saw SUI bouncing significantly from the $1.41 mark, a 100% extension level that has historically acted as a robust support zone. This rebound signifies the first notable attempt by buyers to counter the prevailing downward pressure. However, SUI now confronts a major resistance band between $1.68 and $2.21, an area typically associated with Wave 4 bounces. Analysts emphasize that Wave 4 retracements can vary considerably in depth, suggesting that SUI's price may fluctuate within this range before establishing a clearer direction.
The Looming Decision: Breakthrough or Final Dip?
A definitive breach above the $2.21 resistance level would be a powerful technical indicator, implying that SUI has completed its impulsive upside waves and that a more substantial market bottom might already be established. Conversely, if SUI encounters strong rejection within this critical resistance zone, it would signal that Wave 4 has likely peaked. This scenario would lead to an anticipated final downward wave (Wave 5) to complete the larger corrective structure. This outlook resonates with broader market trends, including Bitcoin's behavior, which also suggests the possibility of one more low before a sustained recovery takes hold.
