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Cryptocurrency News Articles
Sui (SUI) Price Prediction: Token Unlock Event Is Here, But Will SUI's Price Crash?
Sep 30, 2024 at 10:00 pm
Layer-1 blockchain Sui (SUI) is set to unlock 64 million tokens on October 1, representing 2.40% of the total circulating supply.
Layer-1 blockchain Sui (SUI) will unlock 64 million tokens on October 1, sparking anticipation within the crypto community. As the token unlock approaches, interest in SUI is surging among investors.
Despite the common occurrence of high volatility and potential price decline following token unlocks, this analysis presents a case for why SUI’s price may not experience a significant drop and instead rise higher after the event.
Key Takeaways
Layer-1 blockchain Sui (SUI) will unlock 64.19 million tokens on October 1.
Despite the large amount of tokens set to be unlocked, technical analysis suggests that SUI’s price may continue to rise.
Chart analysis indicates buying pressure and potential for further price increase.
Layer-1 blockchain Sui (SUI) is set to unlock a large batch of tokens on October 1, sparking anticipation and curiosity among investors. As the crypto community awaits the release of these tokens, interest in SUI is surging.
However, this token unlock may leave some investors wondering what to expect for SUI’s price. While token unlocks often lead to volatility and sometimes a decrease in price, technical analysis suggests a different scenario for SUI. Here's a closer look at the chart and analysis.
Sui (SUI) Layer-1 Token Unlocks 64 Million Tokens, Volume Jumps 122%
SUI's price has skyrocketed by 115% in the past 30 days, largely attributed to Grayscale's decision to launch the SUI Trust. Moreover, the project's Total Value Locked (TVL) has reached a new all-time high, indicating increased confidence in the potential of this altcoin.
Meanwhile, on Tuesday, October 1, the project will carry out a token unlock of 64.19 million tokens, valued at over $100 million at current prices. A token unlock is a process in which coins that were previously restricted from being transferred or sold are finally released into circulation.
Most times, this supply shock comes with high volatility in the market. However, on the daily chart, the Bull Bear Power (BBP), which measures the strength of buyers and sellers, reveals that the bulls are in control.
Read More: Everything You Need to Know About the Sui Blockchain
As such, buying pressure is most dominant, suggesting that SUI's price could continue to rise higher than $1.73. Furthermore, Sui's volume has also increased to $862.48 million.
Generally, increasing buying volume will push a cryptocurrency’s price higher. But for that to continue, the volume must climb. However, if the volume declines as the price rises, then the uptrend might become weak, and a potential reversal could be next.
In SUI’s case, the price went up by 5% in the last 24 hours and the volume rose by 122% within the same period. As such, the token might experience a continued rally.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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