- Carl Moon’s wedge forecast materializes, with SUI absorbing downside liquidations and snapping back into range for a bullish confirmation.
- Price dips 20% to $2.70 amid $4.3B volume surge, flipping resistance to support in a classic reversal setup.
- As Sui blockchain eyes ETF approvals, this technical win could propel SUI past $4.50, outpacing rivals like XRP in the altcoin rally.
In the high-stakes arena of layer-1 blockchains, Sui (SUI) just delivered a masterclass in technical resilience. Crypto trader Carl Moon (@TheMoonCarl) nailed it again: his early September warning of a forming wedge on SUI’s 4-hour chart has played out spectacularly, as detailed in his October 11 update. The chart, shared via WEEX exchange, illustrates a textbook falling wedge resolution—price probes lower, triggers a cascade of liquidations, then rockets back with conviction. Green candlesticks dominate the retracement, filling buy limit orders in the “smart money bid zone” around $2.50, while red liquidation bars fade into irrelevance.
For context, SUI— the native token of the Sui blockchain, a Move-language powerhouse rivaling Solana in speed and scalability—has been no stranger to volatility. Launched in 2023, it peaked at $5.35 last cycle but grappled with broader market headwinds, including a 9.64% crypto cap wipeout on October 10-11 amid Fed uncertainty. Trading at $2.66 as of today, with a $10.03 billion market cap and blistering $4.3 billion 24-hour volume, SUI’s dip wasn’t panic— it was precision engineering by whales. Moon’s analysis highlights “massive strength” in the immediate bounce, a hallmark of stop hunts where downside liquidity gets mopped up to pave the way for upside.
This isn’t isolated; SUI’s chart echoes September’s ascending triangle breakout whispers, targeting $5.30 in bullish scenarios. Fundamentals bolster the case: Recent Momentum DEX token sale raised $4.5 million for governance, while ETF buzz swirls, potentially catapulting SUI faster than XRP toward $4.50. Yet, in crypto’s unforgiving theater, bears lurk— a failure to hold $2.30 could revisit July lows, especially if Bitcoin falters below $60K.
For traders, the playbook is clear: Accumulate on dips to the bid zone, trail stops above the wedge low. Long-term? SUI’s zkLogin and object-centric model position it for Web3 dominance, blending DeFi with real-world scalability. As Moon quips, this return to range is “highly bullish”—a green light for the next leg up in a recovering altseason.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
