I'd consult your local tire shop to do a visual and physical inspection. The strength of the sidewalls is neither the cording, nor the rubber, but instead a combination of the layers of the two being laminated together. It's possible that with the cording delaminated from the rubber, it will start to bulge.
The sidewalls on these tires, like many lightweight street fuel performance tires, is not very thick, so, yes, it's possible you may have a sidewall failure.