- SUI is holding above critical support at $2.20-$2.30.
- A falling wedge pattern hints at a bullish breakout.
- Target levels at $4.79 and $6.11 mark potential recovery.
The price of SUI is holding above a key support area, indicating a potential change in short-term direction. Following a notable retracement from its previous highs, the asset appears to be forming a bullish technical structure. Analysts have observed that the current range between $2.20 and $2.30, once a resistance zone, is now acting as support.
Support Zone Flips as Market Structure Evolves
According to analysis by Rose Premium Signals, the recent price action has shown signs of consolidation just above the $2.20–$2.30 range. This zone previously served as resistance before being flipped into support. Holding above this support region may signal a possible shift in sentiment as buyers attempt to regain control. Market structure suggests that the correction may be slowing down after weeks of downward pressure.
Technical analysis points to the formation of a falling wedge pattern, which is often associated with a bullish breakout. The structure began to form following the high-to-low movement and now appears to be narrowing. As prices coil within this pattern, momentum could shift if a breakout is confirmed. The setup aligns with common continuation signals seen after extended retracements.
Target Levels Marked If Momentum Continues
Should momentum strengthen following the breakout, price targets have been identified. The first target stands at $4.7961, marking a recovery from the current zone. A second target is located at $6.1162, offering a further potential move if market conditions remain favorable. These levels are based on previous structural highs and Fibonacci extension metrics.
The key area between $2.20 and $2.30 continues to act as a critical zone for price stability. Sustaining above this range may improve the probability of an upward continuation. A breakdown below this support would invalidate the current setup, potentially reopening room for further retracement. For now, price action remains above the zone as bulls attempt to reclaim higher levels.
