SUI Primed For Market Correction – Analyst Sets Target At $2.75
SUI has emerged as the second-highest weekly gainer in the crypto market, rising by 67.21% and 192.70% over the past year. However, technical indicators suggest a potential correction is imminent. According to Elliott Wave analysis, SUI has reached the 178.6% Fibonacci extension level at approximately $3.71, indicating it is completing Wave 3 of its cycle. Signs of declining demand are evident, with a recent 5.7% price retracement. A pullback to an initial support zone at $3.27 is expected, with further support between $2.95 and $2.75 representing the 38.2% – 50% Fibonacci retracement zone. Maintaining this support is crucial for SUI's bullish structure and potential Wave 5 breakout. Currently, SUI trades at $3.58, with an 8.85% gain in the past day and a trading volume of $3.44 billion. A continued retracement could trigger Wave 4, suggesting a possible 50% correction, while sustained bullish momentum could push SUI towards the next resistance at around $3.99.
