SUI needs another high to complete a five-wave recovery, while a three-wave bounce leaves the market exposed to further losses. The liquidation during May, June and October indicates that hug
SUI price has been less than kind for the past few months and this rally has yet to confirm that things have turned around in the markets.
More Crypto Online says SUI needs one more high to complete a five-wave pattern from its summer low. Until that happens, the analyst warns that further losses remain possible. The $1.36 area is the next resistance to watch.
Source: X
The daily chart shows a prolonged decline from much higher levels during 2025. Lower highs and lower lows continued into 2026 before SUI reached its summer low. The downtrend has clearly been reversed, but the recovery has not yet been sustained.
Elliott Wave analysis illustrates five wave advances and corrective three wave moves. Five waves have been completed and this would help strengthen the recovery argument. Sellers may be in control once the bounce is a 3-wave action.
SUI as of writing trades at $0.9946, up 1.51% over 24 hours but down 4.22% over seven days. It is estimated to trade $377 million daily. The short-term gain has not erased the weekly decline.
The perpetual liquidation chart tracks forced closures of long and short positions from late April through October. Green bars represent long liquidations, while red bars show short liquidations. The yellow line follows SUI’s price during the same period.
Source: Coinglass
A large red spike appears around May 9 as SUI rises sharply. This suggests traders betting against the market faced substantial pressure during the rally. Further liquidation clusters emerged in late May and early June as prices weakened.
Activity eased through much of June, July and early August. Both red and green bars generally remained close to the baseline. Larger spikes returned during late August and September as SUI began climbing again.
The September rally carried SUI toward $1.20 before prices retreated. Another cluster appeared in early October, including a large green bar. The subsequent pullback left the token below its recent peak, while liquidation activity continued.
The $1.36 area is the immediate resistance level identified in the supplied analysis. If it breaks above this level, then the recovery case will be reinforced. However, a brief move through resistance would not confirm a lasting trend change.
The chart marks a Fibonacci retracement near $1.71, corresponding to the 50% level. This becomes relevant if buyers clear the nearer resistance. The chart does not confirm that SUI will reach this higher price.
Lower reference levels include approximately $1.03, $0.65 and $0.49. These zones may matter if the rebound fails and selling returns. They are chart references, not guaranteed destinations for the price.
The liquidation history demonstrates forced closures during the rallies and declines. These events can affect the price action, but they are not good indicators of the next trend direction. The chart also lacks enough information to establish current open interest or total market leverage.
SUI now needs another high to support the proposed five-wave recovery. If the rebound were to fail to extend, this would leave the bearish interpretation intact. Buyers and sellers must determine whether they have the upper hand around $1.36 as price action will be watched there closely.
