Sui Network’s market capitalization has recently climbed above $4 billion, drawing renewed interest from traders. Investors are now watching the native SUI token with hopes of a return to the $1.05 resistance level, which sits within a crucial supply zone. A rejection at this point would likely see SUI drop below $0.95, with further declines toward the $0.88 support area seen as possible in the short term.
Elliott Wave analysis and market sentiment
Analyst Laurenco outlined that the Sui chart, mapped using Elliott Wave theory, shows critical levels as the token works through late-stage corrective patterns. The Elliott Wave notations (3), (4), and (5) on SUI’s 3-day chart support this view, marking areas where previous price extensions and retracements have occurred.
Immediate support is positioned around $0.95, while $1.05 remains the primary resistance threshold in the near term.
Historical projections from the same analysis framework indicated potential price moves into the $3–4 range, labeled as the (A) wave in earlier posts. Looking further ahead, Laurenco has referenced long-term cycle targets between $12 and $15, derived from fractal and cycle-based analysis. The analyst noted, however, that profit-taking would likely intensify if prices enter the $9–11 bracket.
Laurenco’s assessment of the bear market psychology phase underlines how repeated retracements have triggered skepticism and quick sell-offs among market participants, leading to a challenging environment for bullish momentum.
At press time, SUI trades at $0.9869. Should bullish interest defend recent gains, the token could soon retest resistance at $1.05, signaling possible continuation if buying activity intensifies.
During the last 24 hours, Sui has seen turnover jump 22.07%, with trading activity reaching $897,366,472. This surge in volume signals persistent engagement from traders but does not decisively indicate sustained buying, as high volume can also result from active selling or speculative trades.
Futures data and trading volumes
In derivatives markets, sentiment appears split. Data from major cryptocurrency exchange Binance reveals that bullish positions have outpaced short-sellers, doubling in volume at certain intervals. However, aggregated futures data from analytics platform CoinGlass shows the broader market’s long-to-short ratio has dropped to approximately 0.90, pointing to cautious or even negative sentiment overall.
| Exchange | Long to Short Ratio | Sentiment |
|---|---|---|
| Binance | 2:1 | Bullish bias in short term |
| All exchanges (CoinGlass) | 0.90:1 | Generally bearish |
These figures suggest that while certain trading platforms reflect optimism, the broader market remains wary. High trading activity and the split between bullish and bearish stances signal that SUI’s short-term direction could hinge on whether the $1.05 resistance breaks or holds.
Sui Network is a layer-1 blockchain platform designed for fast and scalable decentralized applications. Its native token, SUI, facilitates network security, staking, and on-chain transactions.
Mini dictionary: Elliott Wave Theory, a popular technical analysis method, identifies recurring wave patterns and investor psychology cycles in price charts, commonly used to predict potential support, resistance, and reversal levels in financial markets.
While activity on Sui remains high, analysts and traders continue to monitor whether the current momentum will be enough to sustain a breakout above the major resistance point.
