Sui forms bullish double bottom at $1.32; breakout above $1.66 could target $2.19
Sui (SUI) has formed a bullish double-bottom pattern after retesting the $1.32 support zone twice, suggesting a possible trend reversal following weeks of lower highs and lower lows. The neckline and key resistance sits at about $1.66 — directly above a bearish order block that capped recent rallies. A confirmed breakout and daily close above $1.66 on rising volume would likely flip market structure from bearish to bullish and could propel SUI toward the next major resistance near $2.19. Short-term failure to reclaim $1.66 may keep SUI rangebound around $1.32 or reopen downside risk. The recovery attempt coincides with Sui launching a USDsui stablecoin and upgrading to the Mysticeti v2 consensus engine, though these developments have not yet produced immediate price effects. Key levels: support $1.32, neckline/resistance $1.66, target $2.19. Traders should watch breakout volume and order-block reaction for confirmation.
Bullish
The article signals a potential bullish reversal for SUI based on a classic double-bottom pattern at $1.32 with a clear neckline at $1.66. Technical breakouts above a well-defined neckline — especially when aligned with the unwinding of bearish order blocks — typically trigger short-covering and fresh long entries, producing rapid rallies toward the next resistance (here $2.19). The presence of recent protocol developments (USDsui stablecoin rollout and Mysticeti v2 upgrade) provides constructive fundamentals, even if their price impact is not yet visible; such fundamentals can support a sustained move if technical breakout confirms. Short-term impact: likely bullish momentum and increased volatility on a confirmed breakout with volume; traders may see a swift move to $2.19 and should manage risk around the $1.66 neckline and $1.32 support. Long-term impact: if breakout holds and network developments drive adoption, the trend change could persist, shifting market structure to higher highs and lows. Caveats: failure to break $1.66 or a false breakout would keep SUI rangebound or resume downside, so confirmation (daily close + volume) is essential. Historical parallels: altcoins that form double bottoms and reclaim key order-block resistance commonly produce multi-week rallies (example: similar patterns in mid-2023 that led to 30–70% recoveries after confirmed breakouts).