The Sui (SUI) token market exhibits a notable shift in momentum as technical indicators point to a bullish reversal. Several crypto analysts have taken to X to share insights on both technical and fundamental developments shaping the SUI ecosystem this week.
Expert Analysis Confirms Market Structure Shift
The SUI token chart presents clear evidence of a trend reversal pattern, according to analysis shared by iWantCoinNews. A higher high formation emerged after a lower low, signaling a transition from bearish to bullish momentum.
$SUI | Trend has shifted. Bullish market structure confirmed. pic.twitter.com/HzeMqbqPfI
— iWantCoinNews (@iWantCoinNews) November 28, 2024
The price found strong support at the $3.10 level, which has become a key demand zone where buyers maintain control. The Fair Value Gap (FVG) has proven its strength as a support zone after successful retests.
Technical indicators suggest potential resistance levels between $3.80 and $4.00, marking previous price peaks. The Relative Strength Index (RSI) reading of 61 validates the bullish sentiment after breaking out from its downward trendline.
Record-Breaking Market Activity
Trading activity for SUI has reached new milestones, as noted by crypto trader ToreroRomero. The token achieved $200 billion in trading volume, marking increased market participation across exchanges.
Moreover, this surge in volume aligns with the technical breakout pattern, lending credibility to the current market structure.
Source: crypto trader ToreroRomero
Read also: Crypto Veteran Reveals Real Bitcoin (BTC) Price Prediction for 2025
Token Unlock Event Sets Stage for Market Test
A major catalyst looms on the horizon for SUI holders. Market analyst CryptosR_Us reports the largest token unlock event in SUI’s history will take place on December 1. The event will introduce $200 million worth of tokens into circulation, potentially testing current price levels.
Market observers note historical patterns where token unlocks create short-term price fluctuations. The increased supply could present buying opportunities for traders looking to build positions.
On December 1st [this Sunday] over $200M in $sui tokens will unlock – The largest unlock to date.As the supply inflates we could see an increase in sell pressure making for a great buy opportunity. Keep your eye on $sui this coming week
— CryptosRus (@CryptosR_Us) November 27, 2024
Active traders should monitor key support zones as the market prepares for this supply expansion event. The combination of strong technical signals and upcoming fundamental events creates an engaging market narrative for SUI traders.
Price action around established support levels will face a real test as new supply enters the ecosystem through the token unlock mechanism.
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The post Sui Market Structure Turns Bullish, But Watch for Upcoming SUI Tokens Unlock appeared first on CaptainAltcoin.
