Date: Fri, Dec 27, 2024, 03:51 AM GMTThe cryptocurrency market is experiencing a healthy correction after weeks of bullish rallies in major altcoins. However, Sui Network (SUI), a prominent layer-1 blockchain token, has shown resilience, retaining an impressive 26% gain over the past 30 days. Currently, SUI is trading at $4.25.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/d141bb6ffb884e2ea862e2d6dadf0c5b.png" />Source: Coinmarketcap<h3 id="64m-sui-token-unlock-scheduled-for-january-1">64M $SUI Token Unlock Scheduled for January 1</h3>The Sui Network is set to unlock 64.19 million $SUI tokens, valued at approximately $270 million, on January 1, 2025. This unlock is part of the network’s monthly tokenomics plan, which increases the circulating supply and can potentially dilute current investors’ holdings.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/931fb4fad4544244bee5afc9aa959ee7.png" />Source: TokenomistThe last major unlock occurred on December 1, when 64.19 million $SUI tokens worth $224 million were released, driven by SUI&#39;s recent price surge. The upcoming unlock will expand the token’s circulating supply and market cap by 2.19%, potentially impacting the token’s value dynamics.<h3 id="what-39-s-next-for-sui">What&#39;s Next for SUI?</h3>Technical analysis of SUI&#39;s 4-hour chart reveals a symmetrical triangle pattern, often viewed as a continuation formation. This suggests the price could break out in the direction of its previous trend.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/d2f54420b4f34e19bf276656c8221830.png" />SUI 4H Chart/ CoinsprobeCurrently, SUI is trading at $4.25, holding strong above a key support zone. Indicators suggest mixed sentiment:<ul><li>MACD: The histogram is slightly negative, hinting at weakening bearish momentum.</li><li>RSI: At 39.20, SUI is approaching oversold levels but hasn’t reached an extreme.</li></ul>From here, SUI might attempt a reversal toward its upper resistance trendline around $4.58. However, failure to hold the current support zone could see the price drop toward lower support levels, potentially affecting short-term market sentiment.<h3 id="final-thoughts">Final Thoughts</h3>Sui Network’s token unlocks are part of its planned distribution strategy and have not significantly disrupted its price trajectory so far. As the market watches for January&#39;s unlock, SUI investors will focus on technical levels to gauge its next move.Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing in cryptocurrencies.Also Read: <a href="https://coinsprobe.com/uniswap-uni-retesting-its-symmetrical-triangle-breakout-could-a-reversal-be-near/" rel="noopener noreferrer nofollow">Uniswap (UNI) Retesting Its Symmetrical Triangle Breakout: Could a Reversal Be Near?</a>

Sui Network Set To Unlock 64M $SUI Tokens On Jan 01: What's Ahead?

Table of Contents

CoinsProbe

Other articles published on Dec 27, 2024

SuperEx丨Only 4 days left until 2025: Gains and Losses in the 2024 Cryptocurrency Market

TON Ecosystem Expands with Stablecoins, DEX Growth in 2024

Bitget announces token merger, BGB price increases amid market-wide declines

Africa loses $1.6bn daily to illegal cross-border financial flows – AfDB

Top Coins To Join for Short Term: 6 Coins To Watch for Life-Changing ROI in 2025

Bonk Price Drops 7% Even After The BURNmas Removes $51 Million Worth Of Tokens From Circulation

Join our free newsletter for daily crypto updates!