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After a period of pullbacks and choppy price action, SUI appears to be staging a technical comeback. Recent price movements have formed a classic Inverse Head and Shoulders pattern, often seen as a reliable bullish reversal signal. While the breakout hasn’t roared just yet, the structure forming beneath the surface suggests growing strength.
Inverse Head And Shoulders Takes Shape On SUI Chart
In a recent analysis shared on X, Cleanwater highlights a potential Inverse Head and Shoulders pattern forming on SUI. The move began with a dip from $3.74 on May 29th to $3.00 by May 31st, marking the initial correction. A strong bounce followed, pushing the price up to $3.39 on June 3rd, establishing the first neckline.
The price then reversed again, dropping to $2.84 on June 5th, forming a key support zone and the “head” of the pattern. However, a swift recovery brought SUI to $3.55 on June 10th, aligning with the neckline and reinforcing the setup.
On June 13th, SUI saw one last dip to $2.91, which Cleanwater identifies as the final touch needed to validate the inverse head and shoulders formation. With the price now trading around $3.04, the setup hints at strong upside potential.
According to Cleanwater, the Inverse Head and Shoulders pattern took shape with an initial dip, a slight recovery, and a second, deeper drop. A push to higher resistance followed this, then capped off by a final dip, shallower than the second and hovering near the level of the first.
4H And 1D Charts Align: Market Prepares For A Break
The analyst also observed that a channel is forming on both the 4-hour and daily time frames, indicating that a breakout may be approaching. While it’s difficult to predict exactly when a breakout will occur, the consistent price action within well-defined support and resistance zones shows growing strength. Sideways consolidation like this often precedes a significant move in either direction.
In his personal view, Cleanwater leans bullish, suggesting there’s significant upside potential if momentum shifts in favor of the bulls. The repeated tests of resistance and support reinforce this view, hinting at a strong underlying structure. Though he can’t call the exact moment for a breakout, he believes the current setup favors those positioning early for a move.
However, Cleanwater also expressed caution regarding the global economic environment, noting that broader news events have started to weigh on market sentiment. He sees the current range as a solid accumulation zone, but acknowledges that a bit more time is needed for the picture to fully develop.
Featured image from Shutterstock, chart from Tradingview.com
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