SUI Price: Why the Latest Upgrade Could Be the Fuel for a Breakout Above $3.55

The Sui blockchain has rolled out a significant upgrade to its mainnet, now running on version 1.49.2 with protocol version 84. This latest update introduces key enhancements designed to optimize performance, improve congestion control, and enable new functionality that could add on network trust, i.e., a stolen fund recovery feature.

Among the core improvements are features aimed at reducing network delays during periods of high traffic and optimizing how transactions are handled, making operations smoother and more reliable.

The upgrade also enhances Sui’s proof parsing logic for faster transaction verification. These community-backed changes are aimed at positioning Sui as a more robust and user-friendly blockchain, with the security-focused features being a key highlight.

Following the upgrade news, the SUI token is showing signs of consolidation near a critical support zone of around $3.20, after pulling back from its May highs near $4.95. The Fibonacci retracement levels plotted from the swing low at $3.11 to the high near $4.95 suggest key resistance at $3.55 (0.236 Fib) and $3.81 (0.382 Fib), both of which need to be reclaimed to restart bullish momentum.

The Balance of Power (BoP) is currently negative at -0.40, suggesting that sellers still have the upper hand in the short term. Meanwhile, the MACD is hovering near the zero line, with the signal and MACD lines in close proximity, indicating indecision–but also a potential for a bullish crossover if momentum returns.\

A decisive move above $3.55 would signal renewed strength, potentially opening the door to test $4.03 (0.5 Fib level) and $4.25 (0.618). If SUI can attract renewed attention following the protocol upgrade, bullish targets above $4.50 could come into play once again. However, failure to hold the $3.11–$3.20 support range may lead to a revisit of March lows near $2.80.