SUI SUI $3.65 Market cap: $12.18 B Vol. 24h: $1.76 B

While the cryptocurrency traders are still waiting for a notable altcoin rally, over $549 million worth of token unlocks are scheduled this week.

Key Notes:

* Cryptocurrency traders are still awaiting a notable altcoin rally, but this week will see token unlocks worth over $549 million.

* According to Tokenomist, SUI is set to release over 44 million tokens, valued at $158 million, between May 26 and June 1.

* Major token unlocks exceeding $5 million in a single event over the next 7 days are scheduled for SUI, BIO, OP, KMNO, ZETA, ALT, VENOM, REZ, and DYDX.

* Large-scale linear unlocks exceeding $1 million per day are expected for SOL, WLD, TIA, and AVAX.

Cryptocurrency traders may be waiting for a notable altcoin rally, but this week will see token unlocks worth over $549 million.

Data by Tokenomist has revealed that SUI will release over 44 million tokens, amounting to $158 million, between May 26 and June 1.

Major token unlocks exceeding $5 million in a single event over the next 7 days are scheduled for SUI, BIO, OP, KMNO, ZETA, ALT, VENOM, REZ, and DYDX.

Large-grade linear unlocks exceeding $1 million per day are expected for SOL, WLD, TIA, and AVAX.

These unlocks can trigger immediate price pressure on the altcoins due to increased supply. However, if demand keeps pace among “greedy” traders, downward volatility may soon be over.

SUI Price Outlook

At the time of writing, SUI is trading around $3.63, showing a 2% increase over the last 24 hours. The cryptocurrency has also recorded a 40% surge in its 24-hour trading volume, now reaching $972 million.

Popular trader Coinvo highlighted that SUI is approaching a golden Fibonacci zone on the 16-hour chart, which could propel a rally towards $5.

However, SUI’s substantial token unlock this week could sharply increase circulating supply, potentially impacting the token’s price action.

Many analysts are expecting some short-term market drops for SUI, especially with Hyperliquid recently surpassing SUI in market cap, now at $12.12 billion.

On the daily SUI price chart, the RSI is positioned around 51 with an upward gradient, indicating that the cryptocurrency is neither overbought nor oversold. A further upward movement in RSI would confirm bullish momentum.

SUI price chart with RSI and Bollinger Bands | Source: TradingView

Bollinger Bands are converging, suggesting an imminent breakout. If SUI manages to close above the upper band, currently around $3.75, it could spark a rally towards $4.10.

The MACD line is slightly below the signal line with a flattening histogram, indicating bearish divergence. Traders should keep an eye on the support around $3.20. A successful price hold above $3.60 may quickly reignite bullish momentum.

SUI price chart with RSI and Bollinger Bands | Source: TradingView