Key Insights:
- The SUI price shows bullish reaccumulation after a deep price correction.
- Strong support levels identified between $1.50 and $1.30 for potential price recovery.
- SUI has delivered a 45% bounce, with potential targets of $5, $10, and $20 in the future.
- The bullish thesis remains valid as long as SUI stays above the $1.20 support level.
SUI technical analysis highlights that there is a potential price movement. After a deep correction from the 2024 highs, Sui appears to be holding a high-timeframe accumulation zone on its weekly chart. The market structure suggests that a re-accumulation phase is underway with significant smart money participation.
Current Technical Structure of $SUI
According to CryptoPatel’s analysis, SUI reveals a strong market structure that supports a bullish outlook. A liquidity sweep at the lows has been completed, which is seen as a positive indicator for price recovery. The cryptocurrency is showing a strong weekly bullish order block between $1.50 and $1.30. This area is seen as crucial for supporting the price as it moves upward.
Furthermore, the analysis highlights a fair value gap that overlaps with the demand zone. This technical setup suggests the price may continue to rise as long as it remains above key support levels. “The market structure is showing signs of re-accumulation, which suggests a positive outlook for $SUI,” CryptoPatel stated.
Price Targets and Recent Movement
However, the analyst has set several price targets for SUI, including $5, $10, and the most ambitious target of $20. These targets are based on the current technical structure, which suggests that the price is on track to reach higher levels. The analysis also noted that SUI has already delivered a 45% bounce from the previous entry point of $1.50 to $1.30.
As of the time of writing, SUI was trading at $1.95, with a 24-hour trading volume of $1.6 billion. Despite a slight decrease of 0.78% over the last 24 hours, the price remains within the range needed to validate a bullish outlook.
Risk-Reward and Invalidations
Moreover, CryptoPatel emphasized that this setup is based on patience, offering a strong risk-reward opportunity for both spot and swing traders. The current market conditions allow traders to enter at favorable levels and wait for the price to reach the higher targets.
However, the analysis also includes an invalidation point in a weekly close below $1.20 would suggest a bearish reversal, which could invalidate the bullish thesis. The market’s current structure and the previous bounce provide an optimistic short-term outlook for SUI.
