Over the past few months, the SUI token has experienced a significant correction as the overall crypto market cooled down. Despite having reached a high, its price has now fallen back to around $0.89, far from its previous peak. However, some analysts believe that the current adjustment may be the brewing stage for the next bull run.
A technical chart recently released by crypto analyst Crypto Patel has attracted attention. He pointed out that SUI's current price movement is very similar to the accumulation pattern before the start of a significant rally in 2024. Historical data shows that after months of consolidation in 2024, SUI eventually exploded with a gain of over 1000%. The current market structure seems to be repeating this pattern.
From a technical perspective, the SUI price has retraced to near the 0.786 Fibonacci retracement level, around the $0.78 area. This level is not only a key technical support point, but also coincides with the long-term upward trend line that has continued since the beginning of the cycle, forming a double support structure, which significantly enhances the buying appeal of the area.
The chart shows that a clear accumulation area has formed in the $0.70 to $0.90 range. The recent price has repeatedly stepped back into this range and then stabilized and rebounded, suggesting that buying power is gradually returning. At the same time, $0.50 is regarded as a key long-term lifeline. If the weekly close falls below this level, it may indicate a trend reversal; however, the current price is still far above this level, and the technical structure has not been damaged.
If the current rounding bottom pattern continues to consolidate, combined with a recovery in the macro environment, SUI is expected to start a new round of rising cycle. The analysis model predicts that there will be a moderate repair in the initial stage, followed by an accelerated breakthrough. Market participants are closely watching this potential structural turning point.