Key Takeaways
While SUI was one of the best-performing crypto assets at the end of 2024, it fell sharply in 2025, losing over 60% of its value.
However, March has sparked renewed optimism after SUI mounted an impressive recovery.
Positive news, such as the Canary Capital’s SUI ETF filing and the SUI Overflow Hackathon , aided the SUI price increase. Meanwhile, the SUI Wallet extension, Suiet, prepares for the WAL airdrop today.
With momentum building, the key question is if SUI can extend its increase into April.
SUI Price Bounces at Support
The daily time frame analysis shows that SUI has fallen by 63% since its all-time high of $5.37 in January 2025.
SUI’s decline led to a low of $1.96 on March 11, seemingly causing a breakdown from the $2.30 horizontal support area.
However, SUI bounced, gradually creating higher lows and reclaiming the horizontal support area.
On March 26, the SUI price broke out from a short-term descending resistance trend line (dashed). However, the long-term trend line remains intact.
Technical indicators are decisively bullish, supporting the continuation of the upward movement.
The Moving Average Convergence/Divergence (MACD) generated a bullish divergence (orange) and is above 50.
While the Relative Strength Index (RSI) did not generate a divergence, it exceeded 50. This is the first cross above 50 since the downward movement accelerated in January (black circle).
If the SUI price increase continues, a long-term horizontal resistance at $3.20 coincides with the all-time high resistance trend line.
SUI’s Correction Ends
The SUI wave count supports the continuing of the bounce, though it suggests the long-term trend is still bearish.
According to the count, SUI has completed a five-wave downward movement (red) since its all-time high, characterized by the symmetrical triangle in wave four.
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Adding to the long-term price action, SUI also broke out above the minor resistance at $2.45, a level that will likely provide support in the future.
If the count is accurate, SUI has started wave A in an A-B-C corrective structure, responding to the correction.
While more accurate targets can be estimated as the price movement develops, the 0.382 Fibonacci retracement resistance at $3.25 can act as the local top for wave A.
Then, the entire upward movement could end at the 0.5 Fibonacci retracement resistance level of $3.65.
Bullish April
The SUI price ended its lengthy decline with a steady bounce that started on March 11.
The price action, wave count, and indicator readings all suggest the price has started a rally that will continue, at least in the short term.
If SUI continues to increase, the primary area of trouble will be between $3.20 and $3.25, created by a confluence of various resistances.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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