Imminent Critical Development in This Altcoin: Hours Left for Major Shift in Coin (Symbol)

  • The Sui (SUI) cryptocurrency is causing a stir with its upcoming unlock event, which is expected to release 34.62 million tokens, worth approximately $39.46 million, into the market.
  • Given that this represents 1.48% of the circulating supply, investors are eagerly anticipating the impact this will have on SUI’s price.
  • However, with the unlock event coinciding with a market pullback, there is a risk of increased sell pressure for SUI in the short term.

As Sui (SUI) prepares for a significant unlock event, investors are warned to brace for potential sell pressure. The event could also trigger new price levels for the popular cryptocurrency.

Sui (SUI) Investors Beware of Sell Pressure!

The upcoming unlock event, which will release nearly $40 million worth of SUI into the market, has understandably caused panic among investors. The popular coin, known for its regular unlock events, could find itself in a riskier position this time around. The unlock event, coinciding with a market pullback, could increase sell pressure for SUI in the short term.

Potential Price Levels to Watch

At the time of writing, SUI is trading at $1.1152. In the event of increased sell pressure, it could retract to $1.0077, $0.9211, $0.7853, and $0.6664 respectively. A loss of the short-term bottom level of $0.90 could trigger a new wave of selling. However, positive developments within the SUI ecosystem, daily closes above $60,000 for Bitcoin, or a decrease in Bitcoin dominance could lead to a price increase. In such a scenario, the resistance levels to watch would be $1.2808, $1.3632, $1.4504, and $1.5466 respectively. Overcoming the $1.45 level, where the downturn was triggered, would instill confidence in both investors and the SUI ecosystem.

Conclusion

Investors should approach the upcoming SUI unlock event with caution, as it could lead to increased sell pressure and potential price retractions. However, positive market conditions could also lead to price increases. As always, investors should conduct their own research before making any investment decisions.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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