SUI Technical Analysis Points to Potential 593% Surge as Bullish Wave Pattern Emerges

Sui’s native token SUI has experienced an 871% surge since its October 2023 lows, currently consolidating at $3.64 with bullish technical indicators flashing. Analysts have identified a completed Elliott Wave 1-2 pattern, suggesting the cryptocurrency is primed for Wave 3 acceleration—historically the most explosive phase of price growth.

The daily chart reveals a bullish MACD crossover, mirroring the setup that preceded SUI’s 723% rally earlier this year. Resistance is clustered between $4.50-$4.90, while the ascending channel maintains support at $2.80-$2.40. Market technicians project a measured MOVE toward $16 if key levels break, representing a 593% upside from current prices.

Elliott Wave experts highlight the textbook impulse structure since April 2025, with Wave 1 showing clear sub-wave progression. The current retracement meets all criteria for Wave 2 completion, setting the stage for parabolic Wave 3 momentum. Short-term targets cluster NEAR $10 by June, with potential extensions beyond $16 if buying pressure continues.