SUI Faces Potential Pullback as Analyst Predicts Drop to $2.75

 Let’s discover why the SUI price rally is turning heads in the crypto market and what technical signals suggest about a possible correction ahead.
In a week where the broader crypto market experienced a much-needed recovery, one altcoin stood out from the crowd — SUI. The SUI price rally turned heads by climbing an impressive 67.21% in just seven days, making it the second-highest gainer during this period. The sharp upward move adds to an already impressive year for SUI, which has now risen by a staggering 192.70% over the past 12 months.

This remarkable performance has earned SUI a spot among the major talking points of the current market cycle. However, while enthusiasm around the altcoin is high, several technical indicators are beginning to suggest that a market correction may be looming on the horizon.

Elliott Wave Analysis Points to a Potential Pullback

Popular market analytics handle More Crypto Online recently shared insights into the SUI market using Elliott Wave theory — a renowned technical analysis tool that predicts future price trends by identifying recurring wave-like patterns in asset movements.

According to their analysis, the SUI price rally has now extended to the 178.6% Fibonacci extension level around $3.71, a classic target for Wave 3 in Elliott Wave theory. For context, this theory suggests that market prices typically move in five distinct waves during a trend, with Wave 3 being the strongest and longest in a bullish cycle.

Chart 1 – SUI Live Price, published on TradingView, April 27, 2025.

As SUI’s price hit this key milestone, signs of fading demand began to appear. Over the past 24 hours, the altcoin experienced a 5.7% pullback, signaling that the market may be transitioning into Wave 4 — a corrective phase where prices typically retreat before staging another upward move.

Key Price Levels for SUI’s Next Move

More Crypto Online indicated the near-term support level for SUI is set at $3.27. A move below that support would confirm an end to Wave 3 and begin Wave 4. If this correction intensifies, the altcoin would move towards a key support zone between $2.95 and $2.75, which lines up with a 38.2% to 50% Fibonacci retracement of the recent upward advance in Wave 3. This range is a healthy corrective range, allowing the market an opportunity to consolidate before continuing higher. It is important to hold this range to keep SUI bulls intact and poised for a possible Wave 5 breakout shortly.

SUI Derivatives and TVL Signal Strong Market Interest

While a short-term correction seems possible, the overall metrics around SUI are still looking good. At the time of writing, SUI is trading at $3.58, up 8.85% in the last 24 hours. Of most significance, the altcoin’s daily trading volume is up by 18.64%, totalling $3.44 billion. This increase in volume speaks to growing interest in both the spot markets and SUI Derivatives, where people are speculating on volatility.

Adding to the positive outlook, the Total Value Locked (TVL) in SUI’s decentralized applications continues to remain robust. As TVL measures the total capital held within a blockchain’s smart contracts, its steady performance signals sustained investor confidence in the project’s long-term fundamentals, despite short-term price fluctuations.

What Lies Ahead for the SUI Price Rally?

The SUI price trajectory will depend on SUI’s ability to hold the essential price zones identified by analysts. If the current retracement continues from the previous highs, the SUI price rally could undergo a correction of around 50% in the SUI price relative to the recent highs, in line with typical Wave 4 retracement behavior. However, if bulls continue to demonstrate the ability to retain control and defend local support levels, SUI would likely at least attempt another breakout shortly. 

The next price objective for the altcoin would be the 200% Fibonacci extension level near $3.99 if bullish momentum continues — this would also signify, once again, a crucial resistance level for SUI across the current crypto market cycle. Nevertheless, SUI remains one of the most closely watched altcoins by both SUI Derivative traders and long-term HODLers.