Popular Cryptocurrency SUI price rallied by more than 14% on early Thursday, Jan. 30, to rise above $4. But the upcoming unlock event may weigh on bullish sentiment.
After a losing streak throughout the last week of January 2025, Sui reported a strong rebound that saw its price rally by more than 14% from the critical support level of $3.5 to reach the high of $4.20.
Its dwindling daily trading volumes also surged by more than 100% to reach $1.75 Billion in the last 24 hours.
Much of the bullish momentum informing recovery was the “SUINAMI” announcement by the Phantom Wallet. This refers to the rollout of beta support for SUI tokens on the Phantom Wallet.
The recovery was also fueled by bullish sentiments that swept the crypto market today after the Fed embraced a hawkish pause in interest rate adjustments after the FOMC meeting yesterday. The decision, though unsurprising, reignited an uptrending price action for most coins, even helping Bitcoin break above $106,400.
Upcoming 64.2 million SUI Token Unlock Threatens to Suppress a Rally towards $5
Today’s uptrend was significant as it put a pause on SUI’s price crash that saw it shed more than 34% of the coin’s all-time high set on Jan. 6 2025.
Before today’s recovery, the altcoin’s price action had formed a bearish head and shoulder pattern. This predicted the trend reversal from bullish to bearish sentiments after the peak of around $5 price level. It also established a strong resistance level of around $4.7.
While today’s price action was inspiring, technical analysis and the upcoming SUI token unlock event on FEB. 1 seek to dampen the bullish mindset of the token investors. In less than 48 hours, 64.19 million SUI tokens, or 2.13% of the current circulating supply, worth more than $265 Million, will be released and added to the market.
Historically, SUI token unlocks have had a negative impact on SUI price action. The forecast for SUI’s price action is also bearish, with analysts expecting it to dip by as much as 7% tomorrow.
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