with $SUI set to off-load 64M tokens on the market on January 1, I've taken a defensive approach; sold my positions and await the inevitable dip.

The cryptocurrency market has entered a phase of healthy correction following weeks of bullish momentum across key altcoins. Despite this, Sui Network (SUI), a leading layer-1 blockchain token, has demonstrated remarkable resilience, maintaining a 26% gain over the past month. As of now, SUI is trading at $4.25, according to CoinMarketCap.

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Upcoming Token Unlock: 64M $SUI Scheduled for January 1

Sui Network is preparing to release 64.19 million $SUI tokens, valued at approximately $270 million, as part of its monthly tokenomics schedule. The unlock, set for January 1, 2025, will increase the circulating supply, potentially diluting existing holdings and influencing market dynamics.

This release follows the December 1 unlock, where an identical quantity of 64.19 million $SUI tokens—then worth $224 million—entered the market amid SUI's price rally. The upcoming token release will raise SUI's circulating supply and market capitalization by approximately 2.19%, a modest adjustment that may affect price behavior.

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Technical Analysis: Symmetrical Triangle Pattern Forms

A review of SUI’s 4-hour chart reveals the formation of a symmetrical triangle pattern, a structure often associated with potential continuation of an asset’s prior trend. This signals that SUI's price could move in the direction of its earlier trajectory.

Currently trading at $4.25, SUI is holding above a critical support zone. Key indicators present a mixed sentiment:

MACD: The histogram remains slightly negative, indicating weakening bearish momentum.

RSI: At 39.20, SUI is nearing oversold conditions, though it hasn’t yet reached extreme levels.

A successful rebound from current support could push SUI toward the upper resistance trendline at $4.58. Conversely, a failure to hold this level may lead to a decline toward lower support zones, potentially impacting short-term sentiment.

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Conclusion

The Sui Network's token unlocks are an integral part of its planned distribution model and have so far had a minimal disruptive impact on the token's price. As the market anticipates the upcoming unlock on January 1, investors will closely monitor technical levels for indications of SUI's next move.

For now, Sui’s resilience amid broader market corrections underscores its strength, but upcoming developments and market reactions to the token release will play a critical role in shaping its short-term trajectory.