SUI Prepares for Market Adjustment – Analyst Sets Target at 2.75 USD

In the context of the overall recovery of the crypto market, SUI stands out significantly, becoming the second highest weekly bullish cryptocurrency, increasing by 67.21%. This prominent alternative coin is one of the leading coins in the current market cycle, rising by 192.70% over the past year. However, some market technical indicators suggest that SUI is likely to adjust after its recent surge. Elliott Wave Count indicates that a pullback is occurring for SUI In a post on X on Friday, market analyst X More Crypto Online shared an interesting analysis of the SUI market using Elliott wave theory — a technical tool that predicts future price trends by identifying repeating wave patterns. According to analysts at More Crypto Online, the bullish performance of SUI over the past week means that this altcoin has surged to the 178.6% Fibonacci extension level around $3.71. This specific Fibonacci level represents an important technical milestone as it is the classic target area in Wave 3 in Elliott Wave analysis. To understand more clearly, the Elliott Wave theory proposes that price movements occur in five repeating wave patterns. Wave 3 is often considered the strongest and longest wave in a bullish trend. This is the confirming wave that indicates strong market participation.

Based on the current wave count in the SUI market, this altcoin is completing the final stage of Wave 3, surpassing the minimum Fibonacci extension level of 138%. As predicted, signs of weakening demand are beginning to appear, evidenced by a price retracement of 5.7% over the past day. More Crypto Online predicts Wave 4 — a price correction phase may be approaching. SUI is expected to experience a bearish phase with the initial support level set at $3.27. Notably, a decisive breakdown below this level will confirm the end of Wave 3 and the beginning of Wave 4. Moreover, the deeper market support level lies between $2.95 and $2.75, indicating the Fibonacci retracement zone of 38.2% – 50% of wave 3. More Crypto Online considers this price range as the target support zone for a healthy wave 4 correction. Therefore, the buyers in the market must hold this price range to maintain the bullish structure of SUI and lay the groundwork for the potential breakout of Wave 5. SUI price outlook At the time of the press release, SUI was trading at $3.58 after a total increase of 8.85% over the past day. Meanwhile, the daily trading volume of this cryptocurrency increased by 18.64% and is valued at $3.44 billion. If the price of SUI continues to retreat, this altcoin is expected to trigger Wave 4 of the current wave cycle, indicating the possibility of a 50% correction ahead. However, if the bullish momentum remains intact, SUI could rise to around the 200% Fibonacci extension level, approximately $3.99, which is the next significant resistance level for this coin.