SUI Price Action Signals Potential Reversal After 37% Correction

key takeaways

• SUI has corrected 37% since its May high of $4.30 but is now trading at a key support zone around $2.70, aligned with major technical levels.
• Bullish divergence on the RSI suggests waning bearish momentum, though confirmation from MACD is still pending for a stronger reversal signal.
• Wave analysis and technical patterns point to a potential end of the 38-day correction, setting the stage for a possible bullish move if support holds.

After a sharp 37% slide from its May peak, SUI’s price action suggests that a bottom could be forming — potentially setting the stage for a bullish reversal.

SUI Finds Critical Support at $2.70

Since soaring to $4.30 on May 12, SUI has been on a 38-day correction, shedding much of its earlier gains. However, technical indicators show that the token has now reached a confluence of strong support levels.

Currently trading near the $2.70 horizontal support area, SUI also sits at the 0.618 Fibonacci retracement level, reinforcing the importance of this price zone. Additionally, SUI is testing the lower boundary of a descending parallel channel — a pattern that often precedes bullish breakouts.

Bullish Divergence on RSI Suggests Strengthening Momentum

While SUI’s decline has tested traders’ patience, signs of a reversal are emerging. The Relative Strength Index (RSI) is showing a clear bullish divergence, indicating that bearish momentum may be waning.

However, the MACD has yet to confirm a trend shift, leaving traders looking for further validation before declaring a full reversal.

Wave Count Hints at Correction Completion

According to technical wave analysis, SUI appears to have completed a five-wave upward movement between early April and mid-May, followed by a corrective pullback within a declining channel.

While the corrective structure (a rare W-X-Y-X-Z pattern) is complex, analysts suggest the current support zone is optimal for a bottom formation. If the count holds, SUI may soon break out of its prolonged correction and begin a new bullish leg.

What’s Next for SUI Price?

With SUI’s 37% correction nearing its end, traders will be watching the $2.70 level closely. A sustained hold above this key support — especially with a confirming MACD signal — could spark renewed bullish momentum.

If the reversal materializes, SUI’s price could aim to reclaim the $3.50–$4.00 region in the weeks ahead.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses