$550 Million in Token Unlocks Scheduled This Week with SUI Leading
Over $549 million in token unlocks is scheduled this week, impacting several cryptocurrencies. Key highlights include:
- SUI is set to release over 44 million tokens worth $158 million, potentially increasing circulating supply.
- Major unlocks exceeding $5 million are also planned for BIO, OP, KMNO, ZETA, ALT, VENOM, REZ, and DYDX.
- Linear unlocks of over $1 million per day are expected for SOL, WLD, and AVAX.
These unlocks could exert downward pressure on prices unless demand matches supply. SUI is currently trading at $3.63, up 2% in the last 24 hours, with a 40% increase in trading volume to $972 million.
Technical analysis shows SUI nearing a Fibonacci zone that may lead to a rally towards $5, despite concerns about market flooding from the upcoming unlock. Analysts suggest a potential short-term drop due to increased supply.
Key technical indicators for SUI:
- RSI around 51 indicates neutral momentum.
- Bollinger Bands tightening signal a possible breakout if it closes above $3.75.
- Support observed around $3.20; holding above $3.60 may renew bullish momentum.
SUI price chart with RSI and Bollinger Bands | Source: TradingView
SUI price chart with RSI and Bollinger Bands | Source: TradingView