Sui (SUI) is defending a key confluence support near $0.99, yet traders fear a deeper structural breakdown still lies ahead.
Key Points:
- SUI is holding the Value Area High of its previous trading range, backed by a breaker block and a tight EMA cluster.
- A separate report cited by traders projects a possible fifth-wave decline toward the 65 to 49 cent zone.
- A daily close above $1.31 is seen as the level needed to flip the broader outlook.
SUI Confluence Support
Crypto strategist Scient pointed to a critical juncture for the token after a measured pullback this week.
The asset has tested and held support at the Value Area High of its previous daily trading range, the level where the original breakout began. A 12-hour breaker block now reinforces that floor from below, with a tight cluster of exponential moving averages converging in the same zone.
That alignment stacks three distinct layers of support at one price. Bulls have defended their territory, and the structure currently suppresses bearish momentum while favoring consolidation.
Given the defensive posture, the path of least resistance now points upward toward the 0.618 to 0.786 Fibonacci extension zone. Should the accumulation phase hold, that band remains the next logical destination.
Also Read: XRP Loses Key Support, Now Eyes A Drop Toward $1.31
MCO Global Warning
A separate report by MCO Global, flagged by traders on social media, argues that SUI has yet to confirm a meaningful market low.
The firm reads the current bounce as a completed wave four within a larger corrective structure. If that count holds, the next leg lower would target the 65 cent to 49 cent range.
Immediate overhead resistance sits between $1.12 and $1.31.
A decisive daily close above $1.31 is the move analysts want to see to unlock upside targets at $1.44 and $2.08.
Failing that break leaves the asset exposed, with downside supports stacked at $0.97, $0.88, and $0.81 before the deeper wave five projection comes into play.
SUI's Volatile May
The token's May has been turbulent. SUI surged nearly 40% to a high of $1.42 on May 11, then was rejected and rolled back into its prior six-week consolidation range.
The pullback has brought price action close to the round $1 mark, where it now sits as bulls and bears contest control. Until impulsive buying returns, technicals favor lower prices over a clean reversal.
Read Next: Ethereum Network Empties Out As Staking Locks A Record 32% Of Supply
