Layer-1 Blockchain Sui (SUI) All Geared up to Unlock 64 Million Tokens on October 1

SUI is witnessing heightened investor interest as the crypto community eagerly awaits the token release. SUI To Not Witness Massive Drawdown

Layer-1 blockchain Sui (SUI) will unlock 64 million tokens on October 1, which is 2.40% of the total circulating supply. As the crypto community eagerly awaits the token release, SUI is also witnessing heightened investor interest.

However, while token unlocks usually drive high volatility and sometimes price decline, let us find out why SUI’s price might not see a massive drawdown.

Notably, SUI’s price has increased by 115% in the last 30 days, mainly driven by Grayscale’s decision to launch the SUI Trust. Moreover, the project’s TVL has reached a new all-time high, suggesting boosted confidence in the altcoin’s potential.

On Tuesday, the project will unlock 64.19 million tokens, valued at over $100 million. Often, this supply shock accompanies high volatility. However, on the daily chart, the Bull Bear Power (BBP), which measures the strength of buyers and sellers, reveals that the bulls are in control.

After breaching the $1.50 resistance on Monday, SUI’s price is now targeting the next pivotal level on the daily chart. Notably, the bulls are attempting to push the token’s price above $1.73. If they succeed, SUI’s price might bounce higher than $1.73.

Interestingly, SUI’s price increased by 5% in the last 24 hours and the volume rose by 122% within the same period. Therefore, the token might witness a continued rally.

Moreover, traders need to watch out for the $1.90 region, which is historically a crucial level for SUI’s price. For instance, when SUI’s price attempted to hit $2 in February, it experienced a push bask as soon as it reached $1.90. Currently, the altcoin is approaching the same zone. But with buying pressure present, it is likely to breach the region.

Additionally, the 20-day Exponential Moving Average (EMA) remains above the 50 EMA which suggests that the bullish setup is still in place, and SUI’s price can continue to appreciate.

If buying pressure helps SUI transcend the $1.90 resistance, the token may ascend to $2.10. However, a wave of profit-taking where traders sell the stock after a price rise could drive its value down to $1.45, overturning the bullish prediction.

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