SUI has retraced back into a previously marked support zone while maintaining strong upward momentum. The current structure aligns with the characteristics typically associated with a wave 3 formation rather than a corrective wave C. This movement follows a period of price stabilization, which occurred after a recent rally that saw SUI pushing higher before pulling back into the support area.
Bullish structure maintained as follow-up pattern matches impulsive wave
According to a recent analysis prepared by XForceGlobal, the recent market movement shows that SUI came back into the anticipated support zone with buyers still showing activity. This zone had previously acted as a significant level during earlier accumulation phases.
The market prices follow a confirmation pattern moving forward rather than showing a reversal signal. The pattern stability matches the wave structures discovered in wave 3 development periods. XForceGlobal observes that the current market movement exhibits none of the characteristics as the pattern matches impulsive extension structures.
The follow-up of this retracement demonstrates typical structural patterns that appear when wave 3 experiences an extension. Wave 3 demonstrates more continued movement and superior depth in volume support when compared to wave C. After supporting the zone, the price has extended beyond its expected corrective phase limits.
Momentum builds within the anticipated support area
The intensity of price activity is continuing within the projected support level; indicating that the zone remains a valid zone for structural analysis. Volume is steady, and has not seen the distribution volume that we expect with a topping formation. It maintains that the move is still within the bounds of an active impulsive phase, as opposed to a correction.
SUI currently exchanges at $3.34 after recording a 4.29% decrease during the previous day. The market value reached $11.16 billion, yet daily trading volume decreased by 38.39% to reach $998.37 million. The chart reveals sustained selling activity which reached its highest point at 3.4788 until it entered a prolonged downward trend.
Additionally, a slight recovery occurred after prices had previously dropped under $3.33. Markets continued actively participating over the past 24 hours with the 24-hour volume-to-market cap ratio at 9.12% despite falling prices.
