In the cryptocurrency market, token unlock events are closely monitored by investors for potential impacts on token prices. According to Token Unlocks, a data analysis platform, the upcoming week will witness the release of $44.74 million worth of token locks, with one of the most significant events being the unlock of the Layer-1 project SUI’s tokens.
SUI’s token unlock event is scheduled for January 3rd at 03:00 and represents 3.14% of the total SUI token supply, valued at $30.84 million. As the event approaches, investors are keenly observing the process, with SUI tokens currently trading at $0.891.
Technical analysis of the four-hour SUI chart reveals a rising channel formation, which previously led to a bear trap in December. Despite initial fears caused by a drop below the EMA 200 level, SUI’s price managed to reach an all-time high following this pattern.
For SUI, critical support levels to watch are $0.8790, $0.8418, and $0.7646. A four-hour bar close below the $0.8790 level could lead to selling pressure on SUI’s price.
On the resistance side, SUI faces important levels at $0.9208 and $0.9662. A close above $0.9662 could potentially refresh SUI’s price record and accelerate its momentum.
The SUI token unlock event is among the most anticipated in the coming days, with the potential to significantly influence the token’s market performance.