The SUI price has recaptured the attention of traders following its successful defense of a critical higher-timeframe support zone. A significant bounce from recent lows suggests a potential re-accumulation phase is underway, according to analyst CryptoPatel, who observes emerging patterns on the weekly chart after a substantial correction from the year's earlier highs.
At the time of this analysis, the SUI price was trading around the $1.80 mark, reflecting an approximately 45% increase from its most recent low. This upward movement indicates that the market may be transitioning into the initial stages of a more significant trend reversal.
Chart Analysis: Identifying Demand and Accumulation
On the weekly chart, the SUI price executed a clear liquidity sweep below prior lows. This maneuver is often interpreted as a method to clear out less committed market participants before a price reversal, suggesting strategic positioning by informed market players. The subsequent rebound originated within a strong weekly bullish order block, situated between $1.30 and $1.50. This zone acted as a reliable support level, which the price respected effectively.
Further strengthening this demand zone is its alignment with a fair value gap. The convergence of these factors created a robust area where buyers aggressively entered the market upon price touching the zone. The subsequent upward trajectory of the SUI price supports the hypothesis that the market is moving from a distribution phase towards re-accumulation.
Structural Integrity and Momentum Indicators
A broader perspective reveals that SUI continues to trade within an established rising channel. Despite the recent pullback from the 2024 highs, the overall market structure suggests the rising channel remains intact. The price correction occurred precisely at a significant level, rather than indicating a breakdown.
The near 50% surge from the identified demand zone signifies a reduction in downward momentum. The bullish structure is poised to continue as long as the SUI price maintains a weekly close above the $1.20 level. This price point now serves as a crucial benchmark for the long-term outlook.
Future Price Targets for SUI
Based on the observed channel structure and historical price expansion patterns, CryptoPatel has identified potential upside targets for SUI at $5, $10, and even $20. While these advancements are unlikely to occur in a linear fashion, the current market setup indicates that higher price levels are achievable if the accumulation phase persists.
The immediate focus remains on SUI's ability to consistently establish higher lows and hold above key support levels. Should these conditions be met, the recent correction would be interpreted as a precursor to further upward movement, keeping all optimistic price scenarios on the table.