SUI is struggling below the resistance level as it unlocks tokens worth 147 million dollars.

Today, SUI faces an important challenge as the unlocking of tokens worth 147 million USD could create strong selling pressure, amid the market testing key resistance levels. Although the recovery momentum is strong, as evidenced by the RSI index surging from the oversold zone, it has yet to surpass the critical threshold of 60, indicating hesitation from buyers.

The Ichimoku Cloud chart shows that the price is approaching the edge of the cloud, but lacks enough momentum to create a clear breakout. Meanwhile, the potential formation of a golden cross on the EMA lines still opens up opportunities for the bulls, as long as they can overcome the resistance level of $2.50 and avoid being affected by volatility after the unlock.

The RSI of SUI has increased significantly but has not yet surpassed the threshold of 60

The relative strength index (RSI) of SUI has risen sharply from 29.38 to 58.94 in just one day, reflecting a significant change in short-term momentum.

RSI is a momentum oscillator that measures the speed and change of recent price movements, ranging from 0 to 100. When RSI is below 30, an asset may be considered oversold; when above 70, an asset may be considered overbought.

The Relative Strength Index (RSI) of SUI | Source: TradingViewThe rapid increase of SUI’s RSI indicates that buyers have actively participated after a strong sell-off. However, despite the impressive recovery, SUI’s RSI reached the 60 level but could not break through this level earlier today.

The 60 level often acts as a short-term resistance during recovery phases, and being rejected may indicate hesitation from the bulls or profit-taking after the price increase.

Although an RSI approaching 60 is a positive sign, a clear breakthrough above this level is necessary to confirm the bullish trend. Currently, SUI is still in the recovery process, but the inability to overcome this threshold indicates that the bulls do not yet have full control of the situation.

The Ichimoku Cloud chart shows that the upward momentum is not strong enough

The Ichimoku Cloud chart of SUI shows a breakout attempt as the price has surged and is now hovering right at the edge of the cloud.

This indicates that a bullish momentum is forming; however, the thick red cloud ahead may pose difficulties for SUI in maintaining the upward trend without stronger confirmation.

SUI/USDT 4-hour chart | Source: TradingViewThe Tenkan-sen line (the green line) has started to rise and has crossed above the Kijun-sen line (the red line), a bullish signal. However, the price still needs to break through and maintain above the cloud to completely reverse the trend from bearish to bullish.

Currently, Kumo clouds are still leaning towards a downtrend and moving sideways, indicating a lack of strong upward momentum.

The current position of SUI places it at a critical turning point – either breaking through the cloud to confirm a trend reversal, or being rejected and returning to the previous downtrend range.

If the bulls maintain pressure and push the price above the upper boundary of the cloud, a stronger rally could be triggered. However, without an increase in trading volume and broad support from the market, the price risks getting stuck in a sideways state or even turning to a decline.

Can SUI return to the $2.80 level?

The EMA lines of SUI are narrowing the gap and showing signs of forming a golden cross - a classic bullish signal that often precedes upward momentum.

However, the price is currently facing a significant resistance level near $2.50.

SUI/USDT 4-hour chart | Source: TradingViewIf the bulls can break this level, the path towards $2.83 may be opened.

However, the downside risk is still present, especially with today’s token unlock worth 147 million USD, which could create significant selling pressure. If this happens, the price of SUI could drop to the support level of $2.23.

Breaking below this level could reverse momentum in favor of the bears, causing the price to face deeper support levels at $2.11 and $1.96.

View the price of SUI here.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making any decisions. We are not responsible for your investment decisions.

• Blockaid partners with Sui Foundation to enhance security
• Canary Capital applies for Sui ETF, price rises nearly 4%

SN_Nour

@media only screen and (min-width: 0px) and (min-height: 0px) { div[id^=“wrapper-sevio-d89f58f5-7b63-40be-98c0-6b1fd62584fb”] { width:320px; height: 100px; } } @media only screen and (min-width: 728px) and (min-height: 0px) { div[id^=“wrapper-sevio-d89f58f5-7b63-40be-98c0-6b1fd62584fb”] { width: 728px; height: 90px; } }