SUI has dropped 30% from recent highs but holds above key trendline support. ETF filings and broker integration are fueling hopes for a rebound toward the $2.35 mark.
In the increasingly turbulent crypto market, the declining SUI price trend undermines the recent falling wedge breakout. The SUI market price is down by 30% from its recent swing high of $2.77.
As SUI struggles to reclaim the $2 psychological level, will lower price rejections reignite the wedge breakout rally?
SUI Price Analysis
On the daily chart, the SUI price trend shows a bullish failure to sustain above the R2 pivot resistance level at $2.78, leading to a sudden plunge along with the broader market correction.
SUI broke below the $2 mark, with the recent downswing creating a 7-day low at $1.71. Currently, the SUI token is trading at $1.95.
With multiple rejection candles at lower prices, SUI is holding above the recently broken resistance line, which suggests a possible reversal on the daily chart.
However, increased price fluctuations are evident between the center pivot level at $2.11 and the S1 pivot level at $1.68.
Interactive Brokers Opens Doors for SUI as Canary Files for ETF
Despite the recent increase in volatility, institutions are signaling optimism for SUI. Recently, Canary Capital filed list SUI ETF on the Chicago Board Options Exchange.
Additionally, Interactive Brokers, a global brokerage giant, has expanded its support for SUI. The firm has added SUI tokens to its crypto lineup.
Interactive Brokers operates in over 160 countries, making SUI more accessible alongside stocks, options, and futures. This is expected to lead to increased adoption and global support.
TradFi keeps entering the chat.@IBKR, a global brokerage giant, has chosen SUI as one of the few tokens added to its crypto lineup.
Clients in 160+ countries can now trade SUI alongside stocks, options & futures — 24/7, low fees, wallet withdrawals.
Another major move for…
— Sui (@SuiNetwork) April 8, 2025
SUI Price Targets
As SUI holds above the broken resistance trendline, the possibility of a bullish comeback remains strong. A post-retest reversal rally will likely target the R1 resistance pivot level, which aligns with the 61.80% Fibonacci level at $2.35.
On the other hand, the crucial support for SUI is at the 78.60% Fibonacci level, around $1.55.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
