SUI faces turning point as price nears $1.31 resistance

Critical level: $1.31 in focus

Recent analyses identify the main resistance band for SUI between $1.12 and $1.31. Analysts point out that a break above $1.31 may prompt a short-term upward scenario in the market. However, as long as the price remains below this threshold, there is a risk of declines toward $0.97, $0.88, and even $0.81.

Experts note in a recent 4-hour chart for SUI that the latest price action may be completing a classic five-wave downward pattern, but confirmation of a solid bottom remains elusive.

They observe that the post-May peak correction aligns with the fifth wave in Elliott Wave theory, starting from the $2.08 high. This correction phase targets the lower range of $0.65 to $0.49 as a potential zone where the downward move may end.

Mini glossary: Elliott Wave analysis is a technical approach that assumes price movements in markets unfold in cyclical waves. Typically, it interprets trends as a series of five waves—either up or down—followed by a three-wave correction.

Opposing outlooks: rebound or further decline?

Not all experts portray the same outlook. According to charts shared on various social media platforms, some investors buying at current SUI levels appear to be setting the stage for potential accumulation, which could drive the price back to the $1.15–$1.52 zone.

Analyst BitGu observes that SUI is undergoing a prolonged accumulation period and believes that as long as buyers sustain this support, prices may gain momentum toward $1.15–$1.20. Updated Binance charts highlight this recent consolidation area as a critical support base for SUI.

However, for this rebound scenario to play out, the current accumulation zone must hold. Elliott Wave patterns in other altcoins have frequently seen support zones break down, leading to renewed selling in a short time frame.

Key range: $1.00–$1.20 is decisive

Both analytical approaches underline that the $1.00 to $1.20 band is likely to be decisive for SUI in the near term. Sustaining levels above this range can signal recovery, but a break below raises the risk of an accelerated downtrend.

Elliott Wave data often shows that price actions can defy market expectations. Ultimately, all eyes are on SUI’s critical resistance and support regions between $1.00 and $1.31.