In the cryptocurrency market, token unlock events are undoubtedly significant data points that investors closely monitor. According to the Token Unlocks platform, token unlocks worth $180.96 million will occur in the next seven days. Tomorrow, the local token of the popular blockchain network Sui, SUI, will have a token unlock event that should be closely watched.
Final Hours for SUI Token Unlock
Token Unlocks platform data indicates that in the upcoming week, the crypto market will see token unlocks valued at $180.96 million, with SUI’s $6.48 million unlock being one of the most significant events to follow.
The event, which will take place tomorrow (January 31) at 03:00 AM, will release a quantity of tokens equivalent to 0.36% of the total SUI token supply. With just hours left for the event, investors are eagerly waiting, and at the time of writing, the SUI token was trading at $1.61. The SUI token unlock event is drawing attention as the week’s most valuable token unlock.
SUI Chart Analysis
After its market launch, SUI faced serious criticism within the crypto community, particularly for its airdrop event, which garnered significant backlash. However, the recent price increase has allowed investors to make substantial gains, helping the Sui team move past the criticisms directed at the project. The rising channel formation on the daily chart is also noteworthy.
The most important support levels to watch for SUI are; $1.4882 / $1.3723 and $1.2372, respectively. Particularly, a daily bar close below the $1.4882 level, which has acted as resistance and then as support, will likely lead to selling pressure on SUI.
SUI‘s sole resistance level to watch is the $1.6508 level, where it intersects with the formation’s resistance line. A daily bar close above this highest level ever seen by SUI could lead to new record highs for the token.
