Sui Price Surges 12%, But Will It Sustain The $555 Million Unlock?
The post Sui Price Surges 12%, But Will It Sustain The $555 Million Unlock? appeared first on Coinpedia Fintech News
The past week has been exciting for Sui holders as the price surged nearly 12%. Thereby rebounding strongly from the $3.08 support level to reach highs around $3.66. Yet this rally faces a critical moment as Sui tests key resistance at $3.76.
Giving a gist about technicals, the momentum indicators like the RSI at 53.67 and a positive MACD histogram suggest the price swings are balanced between bulls and bears. With over $555 million in tokens unlocking next week and rival projects like Aptos drawing investor attention through ETF hype, Sui’s price action could see some healthy volatility.
What’s Driving the Sui Price?
Sui’s upcoming token unlock event next week looms large in traders’ minds. Historically, when such large token supplies are unlocked turn out to be bearish. Especially over half a billion dollars worth, combined with other tokens.
Sui’s unlock is a relatively smaller slice of its total circulating supply compared to some lesser-known projects. However, savvy holders appear to be booking profits in advance, partly explaining recent pullbacks.
Sui Price Analysis
Currently Sui price is holding firm above its $3.53 support, with resistance clearly marked at the $3.76 level. A secondary resistance exists near $3.98, highlighting the path for potential further upside if bulls regain control.
Digging deep into technicals, the Bollinger Bands suggest some volatility but a narrowing range, indicating a possible breakout soon. Traders should watch the turnover ratio, currently at 8.04%, suggesting liquidity is still thin and price moves could be exaggerated.
In summary, while short-term volatility might persist, Sui’s weekly gains and price support levels indicate an underlying strength.
FAQs
Token unlocks can increase supply and selling pressure, often causing short-term dips of 5-15%. Traders may sell in advance to secure profits.
The price of 1 Sui crypto token today is $3.65.
Support near $3.53 and resistance around $3.76 and $3.98, which are Fibonacci retracement and swing high levels, respectively.
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