SUI Elliott Wave analysis flags wave 5 risk toward 49-65 cents as micro resistance at $1.31 holds. Accumulation signals offer a narrow bullish counter-case.
The SUI Elliott Wave structure is doing something the token’s buyers have been trying to ignore. According to moretradingonl on X, $SUI still has not confirmed a meaningful low. The broader concern, per that read, is that wave 4 may have already peaked.
That puts the market on its way lower in wave 5 toward the 65 to 49 cent area. Not a fringe view. The current price structure from the May high increasingly resembles a five-wave decline. Not what bulls want to see.
One Level Could Change Everything. It’s $1.31
Key micro resistance sits between $1.12 and $1.31. Only a break above $1.31 changes the outlook, and even then it opens the door to a larger extended wave 4 bounce toward the $1.44 to $2.08 range rather than outright reversal. Below $1.31, the support map reads 97 cents, then 88 cents, then 81 cents, in that order.
Source: More Crypto Online via X
The 4-hour chart from More Crypto Online on Coinbase maps the structure in detail. Wave C of the corrective sequence has already printed near the 2.08 area, and the retracement box below shows extensions at 61.8% near $1.02 and 78.6% sitting down at $0.6494, the level labeled wave 5 on the chart.
There is a version where none of this materializes. That requires buyers to defend the current zone and push through $1.31 with conviction. The chart allows for it. The wave count just does not favor it right now.
Accumulation Reads Disagree. Both Are Watching the Same Zone
Not everyone reads this as a breakdown in progress. BitGu on X said $SUI is slowly building strength again after a long accumulation phase. If buyers keep defending this zone, momentum could return fast toward the $1.15 to $1.20 area. The second chart, posted by BitGu on Binance, marks the current phase as accumulation and projects a move back toward the $1.15 to $1.52 range.
Source: BitGu via X
That chart labels the prior phase from May 10 as “bullish beauty” and a consolidation base going back to April. The arrow projects recovery. But the arrow only holds if the accumulation zone does not crack. Similar Elliott Wave setups across altcoins have shown how quickly corrective structures reassert themselves when resistance fails to flip.
Two analysts. Same token. Different structures. The one thing they share is the price zone between $1.00 and $1.20 matters more right now than almost anything else on the SUI chart.
