- SUI corrects after April rally; $5.30 mid-term target remains valid amid market consolidation.
- Golden cross formation on daily chart signals possible bullish continuation for SUI price.
- Open interest and network activity remain strong, supporting long-term upward potential.
SUI, the native token of the Sui blockchain, appears to have reached a local top after a strong April rally. The price has started to pull back, which aligns with analysts’ expectations following over 100% gains in the past month. The mid-term target of $5.30 remains valid as the market consolidates.
SUI Price Corrects After Strong April Rally
According to an analysis prepared by Ucan on X, SUI posted a 58% surge in April and faced resistance at the $3.59 level. This led to a healthy correction, and the price recently traded around $3.26. Analysts have observed a possible golden cross formation on the daily chart, where the 50-day moving average is nearing a crossover above the 200-day average.
This technical setup usually signals bullish continuation. However, short-term resistance at key Fibonacci levels may delay any immediate breakout. On the downside, the $2.70 to $2.40 range is expected to act as strong support in case of extended pullbacks.
Meanwhile, on-chain momentum remains firm. Open interest in SUI futures reached $1.42 billion, doubling within a week, as per Ucan. The token’s network performance also shows resilience, with over 95 million active accounts and over 9 billion transactions processed.
Market Structure Suggests Controlled Pullback
Andrew Griffiths shared on X that SUI has entered a correction phase, noting a possible expansionary wave forming. He emphasized that if the supply zone holds, the price may head toward marked targets. “If the 4-hour chart closes above the invalidation level, this analysis would be negated,” he stated.
The pullback is also supported by reduced demand in the spot and derivatives markets. Still, technical indicators such as the Chaikin Money Flow remain above +0.05, suggesting capital is not entirely exiting the asset. Analysts expect SUI to consolidate before potentially resuming its upward trajectory toward $5.30.
