🚀 $SUI Jumps 6% Ahead of $119M Token Unlock — Is a Volatility Surge Incom
#SUI network will distribute $119 million in tokens next week.
Optimism, FET, and Kamino Finance will release $16 million, $2 million, and $12 million in tokens.
SUI has risen over 4% in 24 hours as it seeks to break a crucial declining channel.
SUI is up 6% on Friday as the Layer-1 blockchain prepares to inject $119 million of its token into circulation, adding heavily to next week's unlocks. Other coins increasing their supply include Optimism (OP), Kamino Finance (KMNO), and Artificial Superintelligence (FET), with $16 million, $12 million, and $2 million allocations.
Next week: SUI, Optimism, Kamino Finance token unlocks
Another week of token unlocks totaling $212 million is expected as numerous projects distribute additional tokens to enhance their circulation supply.
Tokenomist lists SUI, Optimism (OP), Kamino Finance (KMNO), Ethena (ENA), Zetachain (ZETA), SingularityNet (AGIX), FET, and DYDX.
SUI leads next week's supply boost with a $119 million Monday unlock. Sui's supply infusion accounts for 56% of next week's unlocks. The unlock volume is 1.16% of its circulating supply, therefore it may not affect its price.
Crypto projects release locked tokens in a lump amount at cliff unlocks. Due to supply and demand imbalances, large supply rises generally lower token prices.
Despite the bitcoin market's downturn, SUI is up 4% in 24 hours.
SUI is under pressure at the $2.88 resistance of the 100-day SMA. The altcoin is also falling. SUI might reach $3.55 if it closes above $2.88 and the falling channel's barrier.
SUI might fall below $2.29 support if present levels collapse.
The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are below neutral but rising, suggesting negative momentum is waning.
Optimism, Kamino Finance, Ethena, and Zetachain also had cliff unlocks with supply boosts of $16 million, $12 million, $10 million, and $7 million.
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