SUI Sees 0.5 Fib Fakeout As Price Works to Reclaim $1.75

SUI moved below the 0.5 fib zone, then quickly returned, showing a clear fakeout on the weekly chart

Price now holds above long-term support while buyers wait for a clean reclaim of $1.75

A recovery above the key zone may reopen higher levels shown on the longer trend

SUI briefly moved below a key technical zone on the weekly chart before stabilizing near long-term support, with traders now watching for a reclaim above $1.75. The chart shared by Alex Clay shows SUI trading on the 1-week timeframe against USDT. Price action reveals a move below the 0.5 Fibonacci retracement followed by a swift recovery attempt.

This behavior reflects a classic fakeout structure where price breaks below a key level before returning to prior ranges. Such moves often test conviction rather than signal trend failure.

Fakeout Forms Below the 0.5 Fibonacci Zone

The weekly chart shows SUI falling beneath the 0.5 Fibonacci retracement level marked near the mid-range of the prior advance. This zone had acted as a technical pivot during earlier price swings. After the breakdown, the price reached a lower wick area near $1.60 before reversing upward. The move below the FIB level did not sustain, which defines the action as a fakeout rather than a continuation.

Fakeouts typically occur during consolidation phases when liquidity builds around visible levels. The chart structure confirms that sellers failed to keep the price below the zone.

This failed breakdown left behind a clear reaction box labeled “fakeout” on the chart. That zone now serves as a reference point for short-term and medium-term positioning.

Weekly Support Zone Remains Intact

Despite the brief drop, SUI continues to hold above its broader weekly support region. This area is highlighted by a wide horizontal band that has contained prices during prior pullbacks. The support zone aligns with historical demand and prior consolidation. Each test has resulted in visible buying interest, which remains consistent with the current structure.

Holding this level keeps the broader market structure intact. Price has not closed decisively below the zone weekly, which matters for trend assessment. As long as this support remains defended, the market stays in balance rather than breaking down. This sets the stage for potential recovery attempts toward higher levels.

Reclaiming Above $1.75 Becomes The Key Level.

The chart places strong focus on the $1.75 area, which sits just above the fakeout zone. This level aligns with the prior breakdown point and the dashed reclaim line. A clean move above $1.75 would confirm acceptance back into the previous range. That would invalidate the bearish implication of the breakdown attempt.

The projected path on the chart points higher once the reclaim occurs. This projection remains conditional and depends on the price holding above support. Until that reclaim occurs, price action stays reactive rather than directional. Traders continue watching the weekly close behavior around this level.

Will SUI reclaim $1.75 and confirm that the 0.5 fib breakdown was only a liquidity trap?