- SUI’s upcoming $288M unlock may impact market sentiment, with potential volatility.
- Fibonacci levels indicate SUI is testing crucial support at $3.495; a rebound could lead to $4.50.
- Rising trading volume could signal sustained interest and potential price appreciation, but declining volume risks correction.
Sui (SUI), a high-performance Layer-1 blockchain, is poised for a significant token unlock on February 1. This unlock will release $288M worth of SUI tokens, impacting various stakeholders and the community reserve. As this major unlock event approaches, there are expectations that it will affect the circulating supply, which currently stands at 3 billion SUI tokens.
SUI at a Critical Crossroad: Key Fibonacci Levels to Watch
According to information from CryptoBusy, SUI is testing the 0.5 Fibonacci retracement level at $3.495, which is a crucial support zone. If this level holds, it could signal a potential rebound. The next key resistance stands at $3.86, which, if broken, could pave the way for a bullish run towards $4.50.
At press time, the coin is trading at $3.91 with a 24-hour trading volume of $1.49B, SUI has seen a 7.42% surge over the last 24 hours. With the $3.86 resistance broken the next target for SUI is $4.50 followed by $5.37 if momentum sustains. Should SUI fail to maintain the $3.05 support, the next downside target is $2.42 (0.786 Fib level), where buyers may look to re-enter the market. The overall trend suggests that SUI is in a consolidation phase, holding key Fib levels that determine its next move.
SUI’s Market Sentiment and Volume Surge
SUI’s historical price chart shows an upward trajectory in volume over the past several months, with occasional spikes in trading activity. This increase in volume coincides with notable price movements, reaching peaks above $5.00 at certain points.
If volume remains consistently high, it could indicate sustained interest, potentially leading to further price stabilization or gradual appreciation. Conversely, declining volume could signal reduced market enthusiasm and potential price corrections.
SUI’s price is at a pivotal point, with key Fibonacci levels determining its next move. The upcoming $288M unlock could significantly impact market sentiment, either stabilizing or causing volatility. As the market continues to evolve, tracking these indicators will be crucial for understanding SUI’s long-term trajectory and potential implications.
