After surging by more than 66%, following a breakout from the falling wedge, the SUI price is consolidating strongly and preparing for the next price action. Besides, the platform is about to experience one of the biggest unlocks, which is expected to kick off volatility. Many believe that the SUI is displaying a similar intensity to that Solana displayed just before the 2021 bull run. If things go in its favor, the SUI price appears to be at the foot of a massive explosion that may elevate the levels to a double-digit figure.
The crypto space is expected to witness a couple of token unlocks this week, which are expected to shake the entire market. One of the popular memecoins, TRUMP, is expected to witness an unlock of $7.35 million worth of tokens per day this week, while SUI has the largest. The foundation is about to unlock nearly $200 million worth of tokens. A huge number of tokens are expected to flood the market, due to which the volatility is expected to increase.
Now that the SUI price has been facing equal bullish and bearish pressures for the past few days, here’s what’s next for the popular crypto.
The weekly chart of SUI flashes massive bullish signals as the token is about to begin the third phase of its bull run. The price has displayed a similar price action in early 2024 and also at the end of the year. Interestingly, the price has broken out of the falling wedge, and if it repeats the previous action, the SUI price is expected to go 4x or 5x rally to mark a new ATH. Besides, the weekly MACD, which displays a drop in the selling pressure, is about to undergo a bullish crossover.
This substantiates a bullish claim, as the SUI price is displaying a similar pullback as it did before triggering a rise to a new ATH at around $5.32. The current trade setup suggests the price may rise above $4 in a short while, probably soon after the token unlock, which may attract significant bearish action, dragging the price close to $3. However, the rebound that could follow may initiate a fresh bull run towards a new ATH, somewhere above $7.
