SUI Market Correction Expected with Target Set at $2.75

SUI has emerged as the second-highest weekly gainer in the crypto market, with a rise of 67.21%. Over the past year, it has increased by 192.70%. However, technical indicators suggest a potential correction may follow recent gains.

Elliott Wave Analysis Indicates Possible Pullback

SUI reached the 178.6% Fibonacci extension level at $3.71, a critical milestone in Elliott Wave analysis.
According to More Crypto Online, SUI is completing Wave 3, typically the strongest wave in a bullish trend.
A recent 5.7% price retracement suggests waning demand.
Wave 4, a corrective phase, may be imminent with initial support at $3.27.
A break below $3.27 would confirm the end of Wave 3 and initiate Wave 4.
Deeper support lies between $2.95 and $2.75, within the 38.2% to 50% Fibonacci retracement zone.
Maintaining this support region is crucial for SUI’s bullish structure.

SUI Price Overview

Current trading price: $3.58, up 8.85% in the past day.
Daily trading volume increased by 18.64%, totaling $3.44 billion.
Continued price retracement could trigger Wave 4, indicating a potential 50% correction.
If bullish momentum persists, SUI could target the next resistance level around $3.99.