• SUI retested $2.23 neckline support in a Cup and Handle pattern.
• A bounce from $2.23 could lead to significant price gains.
• SUI’s bullish trend depends on holding above the $2.23 support.

SUI has recently felt the influx of price action, having retested the neckline of its Cup and Handle pattern, a crucial level from which significant movements could be initiated. This neckline has served as a major support area, which now, in light of a recent retest, envisions the market’s potential to create a new bullish trend. If the support remains valid, we could see SUI break out, which might give it immediate upper targets. Investors are glaringly watching this key level for further confirmations.   

The Cup and Handle pattern is widely accepted as a bullish continuation pattern, and the neckline gets strengthened in its reliability with such a retest. Per the chart, a great deal of upward price movement has already occurred in SUI; if successful, a strong bounce off this support may provide a stage for a new ATH in 2025. Hence presently, this setup gives a bullish outlook for the asset if the pattern plays out as anticipated. 

Neckline Support Marks Key Turning Point for SUI

After having formed a cup shape with an upward price action, SUI has seen quite a bit of handle formation being formed in the shorter term. This neckline, also referred to as horizontal resistance level at $2.23, has been recently retested as well. This zone is marking a very critical decision point that SUI must resolve either by continuing upward or getting rejected into consolidation. If the asset is able to keep above this neckline, the chances for successful breakout increase many folds. 

In addition to that, we have another technical setup that is underpinned by actual consolidation that gave rise to momentum for potential upward advancement. The recent pullback toward the neckline becomes a conventional retest, thus allowing entry for players looking for the confirmation of breakout with SUI consolidation above the neckline. Advanced bullish price action will be strongly supported by the resounding optimism in the market during the retest.

The Mid-Term Outlook and Price Targets of SUI

The mid-term outlook for SUI is bright, with strong signs for appear in support of trend reversal. Provided the current support is maintained, SUI could break above its recent high, targeting new price levels. The analysts have their eyes on the $3.50 price zone which, on breakout, will be the next likely place of resistance. Sustained movement above this resistance will thereby confirm that the bullish trend is now ongoing, and open up space for more serious gains. 

Adding to that, the other cryptocurrencies need to shed some influence upon SUI’s movement. This means that should Bitcoin and Ethereum remain strong, they could increase investor confidence in other altcoins like SUI. Therefore, not only SUI will need some close tracking, but the wider market conditions too. 

Conclusion: Key Levels to Watch for Action on SUI’s Price

To conclude, the neckline retest in the Cup and Handle pattern by SUI opens the path for a potential breakout. Investors will need to pay close attention to the $2.23 support level to see where the asset is headed next. If it can manage to hold this support level, we could see SUI rally hard toward new highs. Traders are therefore advised to stay on alert as price action evolves.

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