SUI Price Hints at Rebound as Key Support Holds – Is a Climb to $3.40 Next? - The price of SUI is currently hovering around $2.80, following a broader market cooldown. Despite the pullback, technical patterns and blockchain activity hint at a potential trend reversal, possibly setting the stage for a rally.

SUI is approaching a crucial support area defined by Fibonacci retracement zones. According to crypto analyst Man of Bitcoin, the token appears to be forming a classic 1-2 Elliott Wave structure—typically a setup that precedes a strong upward move.

His analysis highlights a corrective range between $2.62 and $1.87, with a key invalidation point at $1.718. These price bands, especially between the 0.618 and 0.786 Fibonacci levels, are commonly seen as zones where bullish reversals can begin. SUI has entered a phase of tight price movement and decreasing volume—signs that often precede a breakout after accumulation.

As long as the price stays above $1.718, the bullish structure remains intact. If this support continues to hold, there's a strong chance SUI could make a move toward $3.40 or potentially higher.

This current price setup bears resemblance to early 2024 trends, when several altcoins reversed from similar zones and gained as much as 40% within two weeks.

Further reinforcing the bullish thesis, analyst Waleed Ahmed has pointed out that SUI is now sitting atop a long-term "breaker block" between $2.30 and $2.80. This price region acted as a ceiling in March 2025 but is now being retested as a support floor—a common bullish signal in technical analysis.

The daily Relative Strength Index (RSI) has dipped below 40, an area that has historically marked turning points for SUI. If RSI begins to recover and crosses above 50 while the price remains within the breaker block, it could trigger the next major leg upward.

Volume metrics also show declining sell pressure, which typically accompanies the tail end of a downtrend. If buying interest returns near $2.70, SUI could plausibly revisit the $3.40 resistance level in the near future.

SUI Price Hints at Rebound as Key Support Holds – Is a Climb to $3.40 Next?

Beyond price charts, SUI’s on-chain fundamentals are showing notable growth. According to Artemis, SUI processed a whopping $40.07 billion in stablecoin transactions between June 9 and 15, surpassing Solana's $35.53 billion in the same period. It’s the first time SUI has led in this metric.

Stablecoin transfer volume is often viewed as a reliable indicator of actual network activity. The surge points to growing demand for SUI’s DeFi capabilities and high-throughput infrastructure.

As more developers migrate liquidity to SUI for its lower transaction fees and seamless performance, the network continues to build a strong foundation. This kind of usage growth helps stabilize price, even amid market corrections, and often precedes an increase in total value locked (TVL) across the ecosystem.

With ongoing developments and scaling plans, SUI is positioning itself as a serious Layer 1 contender for the next bull phase.

SUI recently climbed to 12th place in overall market capitalization, reaching $9.57 billion. Over the past 24 hours, the token has recorded a trading volume of $965.8 million.

Its fully diluted valuation stands at $28.17 billion, with a circulating supply of 3.39 billion tokens out of a total 10 billion. The volume-to-market cap ratio of 10.18% suggests healthy trading activity relative to its size.

Despite a 16% decline over the past week, SUI remains within its broader consolidation pattern. While the token peaked above $4.40 in April 2025, current signals indicate it may be entering a new phase of accumulation—potentially setting the stage for another breakout.

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