#SUI Unlocking 64 million tokens, about to plummet?
Token unlocking usually leads to high volatility and sometimes price drops, but SUI may not see a big drop. Let's see why.
The price of SUI has risen by 115% in the past 30 days, mainly due to Grayscale's decision to launch SUI Trust. In addition, the project's TVL hit a new all-time high, indicating that everyone's confidence in the potential of altcoins is growing.
Today, the project will unlock 64.19 million tokens, worth more than $100 million. Usually, such a supply shock is accompanied by high volatility. However, on the daily chart, the Bull-Bear Power (BBP), which measures the strength of buyers and sellers, shows that bulls are in control.
Although SUI continues to show extraordinary strength. But you still need to be careful about the range around 1.90, which is historically a key level for SUI. For example, when SUI tried to reach $2 in February, it experienced a pullback to 1.90. Currently, it is approaching the same area. But it is likely to break through this area due to the presence of buying pressure.
In addition, the 20-day exponential moving average (EMA) is still above the 50 EMA, which indicates that the bullish pattern is still in place and SUI can continue to appreciate.
If buying pressure helps SUI break through 1.90 and stand firm, the next step will be 2.1.
The key support is at 1.45. If this position is broken, the bullish sentiment may stop.
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