SUI - Retest in Progress

Please refer to our previous post:

What we stated in this post from over three weeks ago was "If we get a retest and hold of that yellow trendline that will be the confirmation we need for a full blown breakout for SUI."

Current day we just got that retest! As you can see (green circle) both daily candles held the body above the yellow line giving us our first confirmation of a successful retest. If this retest remains successful we should see a continued move to around $5.50.

However due to BTC's current state we cant rule out the bearish scenario. If BTC starts to close below $112k then most likely SUI will fall below our triangle pattern. If SUI falls below and starts closing below the yellow line that would signal a false break. At the moment this is the less likely scenario given the market structure built, but something to watch closely.