According to Rose Premium Signals, SUI just bounced near the 0.786 Fibonacci retracement level after going through a healthy correction phase. This bounce happened right above a key trendline that has supported the Sui price since late last year, keeping the bigger bullish structure intact.
On the weekly chart, you can see that SUI has been in a falling wedge pattern for several months. Each time the price has tested the lower boundary of this pattern, it has managed to rebound strongly. This time looks no different. The recent bounce suggests that SUI might have formed a higher low, which is often a sign that a breakout could be around the corner. Rose Premium Signals said that this setup could be a classic higher low before a strong move up.
Fibonacci Levels Support a Bullish Scenario for SUI Price
The chart shows important Fibonacci levels lining up perfectly with possible price targets. After bouncing near the 0.786 Fib zone, SUI has room to move towards the 0.618 and 0.5 levels, which often act as magnets for price action during a recovery. The first significant bullish target for SUI price is set at $4.9167. That level sits above the recent highs from early May and could be the first real test of the bulls’ strength.
If SUI manages to break above that zone, the next target is $5.9231, which aligns with the upper boundary of the descending wedge and a key resistance level from earlier this year. A successful move beyond that would open the way for SUI price to rally as high as $6.8501, completing a potential measured move of the falling wedge pattern.
Trendline and Market Sentiment Could Fuel SUI Breakout
The trendline that has supported the Sui price since last year remains unbroken. As long as this trendline holds, the structure favors the bulls. Market sentiment also seems to be turning positive after SUI’s recent bounce. If buyers continue to step in, this could be the catalyst for SUI to start pushing toward those higher targets outlined by Rose Premium Signals.
In addition, the clear pattern of higher lows suggests that buyers are becoming more aggressive each time SUI dips, creating a strong foundation for an eventual breakout above the wedge.
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Right now, all eyes are on SUI as it tries to maintain momentum above the trendline and build a move toward higher targets. Rose Premium Signals believes that as long as the trendline support stays intact, SUI price has a good chance of reaching $4.9167 first, then possibly stretching to $5.9231 or even $6.8501 if the bullish momentum grows.
Sui traders will want to watch the next few weekly closes closely. A strong candle above the wedge’s upper boundary could be the signal that the bulls are finally ready to take control for a big push higher.
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