- Sui price ascended 140% as meme coin and staking narratives drove markets.
- SUI could retrace the 78.6% Fibonacci level at $1.31 as AI and RWAs become latest sensation.
- The bearish thesis will be invalidated if the staking token records a higher high above $1.65.
Sui (SUI) price skyrocketed on the back of the recent staking narrative, with the theme headlining alongside the meme coin mania that sent Solana’s Bonk Inu (BONK) and SILLY on a tear. However, with the spotlight now on new narratives of AI and Real World Assets (RWAs), capital rotation could see the likes of SUI retract as counterparts ascend.
Also Read: SUI, YGG and AGIX holders gear up for $11 million worth of token unlocks this weekend
SUI price likely to correct
Sui (SUI) price is coiling up for a correction, with a 15% pullback likely to the 78.6% Fibonacci level at $1.31. In the dire case, the drop could see the altcoin retrace the most critical Fibonacci level of 61.8% at $1.05. This would denote a 30% drop below current levels.
Multiple technical indicators support this thesis. The Relative Strength Index (RSI) is at levels where it has corrected multiple times with the price mirroring the rejection. The Awesome Oscillator (AO) is also showing a pronounced red histogram bar, which is a bearish sign, accentuated by the Moving Average Convergence Divergence (MACD), which was losing slope after a vivid northbound trajectory.
SUI/USDT 1-day chart
On the flip side, if the bulls show resolve, Sui price could extend the intermediate trend, potentially clearing the local top at $1.65. A higher high above this level would invalidate the bearish thesis, bringing the $2.00 range high into focus.
