Sui Network (SUI) Token Unlock Scheduled for January 1, as the Market Awaits the Next Move

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.

After weeks of bullish momentum in key altcoins, the cryptocurrency market has entered a phase of healthy correction. However, Sui Network (SUI), a leading layer-1 blockchain token, has shown remarkable resilience, notching a 26% gain over the past month. As of now, SUI is trading at $4.25, according to CoinMarketCap.

Meanwhile, the upcoming Sui Network token unlock will release 64.19 million $SUI tokens, valued at about $270 million, as part of its monthly tokenomics schedule. This batch of tokens, set to be unlocked on 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 valued at $224 million—entered the market as SUI’s price rallied. The upcoming token release will increase SUI's circulating supply and market capitalization by about 2.19%, a modest adjustment that may affect price behavior.

A look at SUI’s 4-hour chart shows a symmetrical triangle pattern forming, a structure that often signals a continuation of an asset's prior trend. This suggests that SUI's price could continue moving 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, impacting short-term sentiment.

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 be watching technical levels closely for any indication 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.