- SUI is forming a bullish Elliott Wave structure, and its Wave 5 may reach the $11.50 resistance barrier.
- The asset has already witnessed massive gains in Waves 1 and 3, surging by over 505% and 1050%, respectively.
- The asset is currently valued at $2.92 in a downtrending wedge, a bullish continuation pattern indicating a likely breakout.
- The change in market sentiment from bearish to bullish is aiding altcoins such as SUI to make gains.
SUI is moving in an upward direction and is eyeing a bullish reversal towards its highest resistance around the $11.50 zone. As the overall market has turned from bearish to bullish, it is impacting altcoins, including SUI. Its price over the last 24 hours is up by 1.2%, and over the last week it is also up by 8.56%.
At press time, SUI is trading at $2.92 with a 24-hour trading volume of $590.9 million, down by almost 16% over the last 24 hours, and a market capitalization of $10.07 billion. It is also trading within a falling wedge pattern for wave 5 completion.
Also Read: SUI Price Eyes Bullish Breakout With Target Set At $5.30
SUI Price Surges Over 1000% as Wave 3 Completes
A prominent crypto analyst, Bitcoinsensus, highlighted that SUI is showing strong evidence of a continued bullish trend, following a textbook-style Elliott Wave pattern. Since beginning its macro uptrend, the coin has shown a five-wave pattern, a common technical formation, and an indication of long-term bullish momentum.
Initially, the asset broke out with a powerful first wave, followed by a small consolidation in a developing falling wedge, a bullish continuation pattern. This consolidation move provided market sentiment a chance to recharge and prepare for its next big leg higher.
The initial two impulse waves of this structure have already unfolded with astonishing force. Its first wave produced a stupendous 505% rally, drawing in early market and affirming the asset’s bullish potential.
The third wave, as per standard rules in Elliott Wave theory, failed to disappoint, propelling SUI another 1050% and reaffirming the bullish big picture. These advances have set strong support bases and propelled the coin’s market profile into upper regions.
SUI Prepares for Wave 5 Rally to $11.50
Now, all attention is shifting to the expected fifth and last impulse wave that could send the price surging even further. Following the completion of a likely fourth-wave correction, technical analysts eagerly monitor a breakout validation that could send it into Wave 5.
Following Fibonacci estimates and proportionality of waves, a potential next target on the positive side was identified at $11.50, a key milestone revealing continued investor optimism and a positive trend across the entire crypto sphere.
While SUI’s price chart pattern is on course for previous bullish trends, both technical and fundamental strength are building. When Wave 5 advances as planned, its rise toward a target of $11.50 may have a fair distance to cover.
Also Read: SUI Bullish Breakout Fuels Surge Toward $3.74 Resistance Zone
