SUI Enters a Critical Phase Today as a $147 Million Token Unlock Threatens to Inject Selling Pressure Into a Market Already Testing Key Resistance Levels

SUI enters a critical phase today as a $147 million token unlock threatens to inject selling pressure into a market already testing key resistance levels.

The price of SUI has risen sharply in recent days, and it may continue to move higher in the short term. The token has recovered a portion of its losses following a steep decline.

SUI’s RSI Surged Since Yesterday But Failed To Break Above 60

The Relative Strength Index (RSI) of SUI has increased rapidly, surging from 29.38 just a day ago to 58.94. This significant surge on the RSI, which is a momentum oscillator used to measure the speed and magnitude of recent price changes, ranges typically from 0 to 100, with readings below 30 suggesting an asset may be oversold, while levels above 70 indicate it may be overbought. Such a swift change in a short-term momentum indicator like RSI indicates strong buying pressure.

As the RSI approached the 60 threshold earlier today, it ultimately failed to break through it completely, pivoting slightly lower. During recovery phases, the 60 level often acts as a short-term resistance. The inability of the RSI to close decisively above 60 despite almost reaching it may indicate some hesitation among buyers or profit-taking after the surge. While the RSI nearing 60 is positive, a sustained move above it would be needed for a stronger confirmation of the bullish trend.

For now, SUI appears to be in a recovery mode, with further gains possible. However, the inability of the RSI to penetrate the 60 mark despite almost achieving it earlier today suggests that bulls are not fully in control just yet.

Ichimoku Cloud Shows Lack Of Strong Upward Momentum

The Ichimoku Cloud analysis shows that the price of SUI is pressing against the upper edge of the Kumo, also known as the cloud, which is a key technical indicator used to identify the trend and potential support and resistance levels.

This movement suggests that bullish momentum is trying to build, but the resistance provided by the thick, red cloud ahead could make it difficult for SUI to sustain the uptrend without stronger confirmation. The Tenkan-sen, or blue line, is starting to rise and has crossed above the Kijun-sen, or red line, which is a bullish signal. However, the price still needs to clearly break and hold above the cloud to flip the overall trend from bearish to bullish.

The cloud remains bearish and flat, which indicates possible resistance and a lack of strong upward conviction. The current position of the price on the chart suggests that SUI is at a key decision point—either break through the cloud to initiate a trend reversal or get rejected by the cloud and slip back into the previous downtrend range.

If buyers can sustain the pressure and push the price above the upper cloud boundary, it could trigger a stronger rally. But without increased volume and broader market support, the risks are that the price will get stuck in consolidation or eventually turn back downward.

Will SUI Rise Back To $2.80?

The chart shows that the 8-40 EMA lines are tightening and converging, which could lead to a golden cross. A golden cross occurs when a shorter-term moving average crosses above a longer-term one, which is a classic bullish signal that often precedes upward momentum.

However, the price is currently grappling with a key resistance near the $2.50 level. If bulls manage to break through this level, it could open the path for a move toward $2.83.

That said, downside risks remain, particularly with today’s $147 million token unlock, which could introduce significant selling pressure. If that selling materializes, SUI price could fall back to test the support at $2.23. A breakdown below that level would likely shift momentum back in favor of bears. This would expose deeper supports at $2.11 and $1.96.