Sui price remains above the midline of the ascending parallel channel, and the technical picture is flashing bullish signals.
SUI could extend gains of 15% above the March 27 high of $2.1829.
34.62 million SUI tokens, valued at nearly $67 million, will be unlocked on Wednesday.
Despite the chaos in Bitcoin (BTC) prices, Sui (SUI) prices are showing a bullish bias. It continues to hold a bullish technical formation, promising more gains as the network gears up for aggressive developments.
SUI community access program incentives may boost rallies
The Sui network is scheduled to hold a token unlock event on April 3, where 34.62 million SUI tokens worth $66.8 million (at current exchange rates) will be allocated to the network’s community access program. These tokens represent 2.7% of the ecosystem’s circulating supply.
Token unlocking events for community access programs mean that the community can access them for a variety of purposes. This may include allowing community members to participate in governance decisions, stake their tokens for rewards, or use tokens within the project's ecosystem.
By unlocking tokens to the community, the project aims to increase decentralization, community engagement, and overall participation in the growth and development of the project. These are bullish fundamentals that could bode well for Sui price.
Sui price outlook before massive token unlocks
As spike prices continue to hold above the midline of the ascending parallel channel, multiple technical indicators point to a bullish outlook. First, the Relative Strength Index (RSI) continues to make higher highs and higher lows, indicating upward momentum.
The RSI is also moving above the yellow band of its signal line while the volume indicator is showing a massive bar. These bullish nuances are exacerbated by the growing volume of the Awesome Oscillator (AO), reinforcing the bullish thesis.
Increased buying pressure could push Sui price above the $2.1829 resistance to set higher ranges above it, potentially hitting the $2.5000 threshold.
The 50-, 100-, and 200-day simple moving averages (SMAs) are tracking Sui price from below, providing strong support to the downside and offering a possible turning point when SUI bulls need a refresh.
On the other hand, if selling pressure increases, Sui price will decline, losing support due to the channel centerline, and possibly extending downward to the confluence between the 50-day moving average and the horizontal line at $1.6964.
A breakout and close below this level on the daily time frame would invalidate the bullish argument.
