SUI is gaining traction as both price action and market data point to a possible breakout. Analyst Crypto Patel shared on X that the SUI price chart is showing solid bullish momentum and a strong long-term trend. But while the setup looks promising, there’s a catch that traders shouldn’t ignore: ongoing token unlocks.
According to Patel, 44 million SUI tokens, worth around $143 million, were just released into circulation. That unlock alone accounts for about 1.32% of the circulating supply. He also noted that only 33.87% of the total supply is currently unlocked, with the remaining 66.13% still held by early investors and the team. With roughly $140 million in tokens unlocking each month, short-term selling pressure is a real possibility.
SUI Price Chart Shows Defined Channel Pattern
A review of the weekly SUI chart shows a clear ascending channel that has held since mid-2023. The SUI price has tested both the upper and lower trendlines multiple times. This structure points to a consistent upward trend, supported by a breakout from the $2.80–$3.00 zone. The token is currently trading around $3.23, near the midpoint of the channel.
According to chart analysis, the $2.80–$3.00 range remains a key area where buying interest could reappear. It aligns with both technical levels and Crypto Patel’s buying strategy, as he mentioned plans to increase his position if SUI price returns to this zone. Below that, the $1.50–$2.00 range has served as historical support and may act as a safety net during sharp pullbacks.
Token Unlocks Could Affect SUI Short-Term Movement
The release of large token volumes into circulation can affect short-term market behavior. The consistent monthly unlocks add pressure, especially when prices near local highs. Analysts caution that unless there is sustained demand growth, these releases could limit the pace of any immediate upward moves.
Despite this, long-term projections remain positive. The current trend channel suggests that SUI price could target $6 to $7.50 in the coming weeks. If momentum continues, the top of the channel points toward a possible move to $10 or even higher. Patel mentioned long-term targets between $15 and $20, assuming market support continues and sell pressure from unlocks is absorbed.
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Furthermore, Crypto Patel stated that he entered the market at prices between $0.50 and $0.60. He reaffirmed his intention to accumulate more SUI around $2.80. This aligns with the re-accumulation zone visible on the chart and suggests that some investors may view dips as opportunities.
Overall, while the SUI price remains in an upward trend, the balance between supply increases and demand growth will likely shape price movement over the coming months.
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