The price of SUI surged by more than 4% ahead of the token unlock worth 119 million USD.

The price of SUI surged by 4% during Friday's trading session, as this Layer-1 blockchain prepares to "unlock" a token amount worth up to 119 million USD – accounting for the largest proportion of the total value of token unlocks expected to take place next week.

The amount of SUI tokens set to be unlocked | Source: TokenomistNot only SUI, the market will also witness an influx of supply from many other projects such as Optimism (OP), Kamino Finance (KMNO), and Artificial Superintelligence (FET), with unlocking values of 16 million USD, 12 million USD, and 2 million USD, respectively.

More than 200 million USD tokens are about to be unlocked

According to data from Tokenomist, the cryptocurrency market is entering a new week with a wave of token unlocks worth over 212 million USD, as a series of projects prepare to release large amounts of tokens, thereby significantly increasing the circulating supply.

The list of tokens to be unlocked includes: SUI, Optimism (OP), Kamino Finance (KMNO), Ethena (ENA), Zetachain (ZETA), SingularityNet (AGIX), FET and DYDX. Among them, SUI leads with an unlocking value of up to 119 million USD, accounting for about 56% of the total unlocking value for the week, expected to be carried out on Monday. However, this amount of tokens only accounts for 1.16% of the circulating supply of SUI, indicating that the impact on the price may be limited.

Notably, many projects will carry out a "cliff" unlock event – an event where a large amount of previously locked tokens is released into the market at once. These types of unlocks often put pressure on prices due to the temporary imbalance between supply and demand.

Although the entire market is in a correction trend, SUI is still growing positively, recording a 4% increase in the past 24 hours, indicating that investor sentiment towards this token remains quite positive despite the unlocking pressure.

Technical Analysis SUI: Facing Resistance Level

SUI is facing strong selling pressure at the important resistance level of $2.88, coinciding with the 100-day simple moving average (SMA). This altcoin is currently still moving within a downward price channel, reflecting the cautious sentiment of the market. However, if SUI can close above the $2.88 mark and break through the resistance line of the price channel, the upward momentum could be triggered, pushing the price towards the next target area around $3.55.

Conversely, failing to maintain the current price range will increase the risk of a correction towards the strong support level at $2.29.

Regarding technical indicators, both RSI and Stochastic Oscillator are currently fluctuating below the neutral zone, but have started to show signs of recovery. This indicates that selling pressure is gradually weakening, opening up opportunities for a short-term recovery.

Other notable unlock phases

In addition to SUI, a series of other major projects such as Optimism, Kamino Finance, Ethena, and Zetachain are also preparing to conduct token unlocks worth up to 16 million USD, 12 million USD, 10 million USD, and 7 million USD, respectively.

The most notable is Kamino Finance, as this project will unlock an additional 10% of the current total supply – a move that could exert significant selling pressure on the KMNO token price in the short term.

In addition, several other projects such as AGIX, DYDX, and FET will also carry out smaller unlocks next week, each worth approximately 2 million USD.

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