SUI rises ahead of major token unlock as crypto looks to add $212 million in supply

SUI is leading this week as the cryptocurrency market prepares for approximately $212 million in token unlocks. Over the previous 24 hours, the price of the Layer-1 blockchain token has increased by more than 4%.  This is extremely different from how the rest of the market has been performing. This increase comes shortly before a large unlock of $119 million on Monday, which will account for more than half of the overall unlock volume for the coming week.

Despite the huge injection, the unlock only accounts for 1.16% of SUI’s circulating supply, indicating that there is very little dilution. SUI’s strength may be attributed to increased interest in its ecosystem and developer participation, particularly given its recent focus on DeFi and smart contract scalability.

Technical Outlook Indicates Possible Breakout

SUI is at a critical point right now.  It is trading at the $2.88 resistance level while battling the 100-day Simple Moving Average. If it moves above this level, it might rapidly surge to $3.55. Indicators such as the RSI and Stochastic Oscillator are gradually going upward, indicating that bearish pressure is weakening.   However, if it does not break out, it could return to the $2.29 support zone.

Other important unlocks are FET, Kamino, and Optimism

Optimism (OP) will unlock $16 million worth of tokens, Kamino Finance (KMNO) will unlock $12 million, and Fetch.ai’s FET will unlock $2 million in tokens. Kamino’s release represents approximately 10% of its current supply, which may create short-term price fluctuations.

Also read: Bitcoin Cash Is Seeking a 52-Week High: Rising Momentum Indicates More Gains Ahead