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SUI Soars 150% as $215 Million Token Unlock Approaches
- SUI token surged 150% from $1.71 to $4.30 driven by bullish technical signals like a golden cross.
- A $215 million token unlock on June 1 may lead to short-term selling pressure testing support near $3.40.
- On-chain strength continues with over $40 billion in aggregator volume and a 24% rise in network activity over 30 days.
- SUI has become one of the crypto market's most talked-about tokens after a 150% rally, but faces uncertainty with the upcoming unlock.
- The rally was supported by a golden cross on the daily chart, indicating potential for further gains.
- The $215 million unlock presents a short-term risk that could impact SUI's momentum, with support at $3.40 and resistance at $3.50-$4.00.
- Failure to hold these levels may lead SUI to $2.33, but strong fundamentals and on-chain metrics could offset short-term pressures.
- SUI's network activity increase and high aggregator volume suggest a positive outlook despite unlock concerns.
- Investors are monitoring how SUI will handle the unlocking event on June 1 and its impact on price.
- SUI is currently trading at $3.44 with a trading volume of $1.67 billion and a market cap of $8.03 billion.
- The price increased by 0.10% in the last 24 hours, with $3.40-$3.43 providing immediate support.
- SUI's long-term outlook remains positive, balancing momentum and short-term risks.
- Investors are advised to watch for potential price movements around the June 1 unlock date.
- SUI is navigating a delicate balance between bullish momentum and unlock-related uncertainties.
- The token's strong fundamentals suggest resilience in the face of short-term challenges.
- Despite the $215 million unlock event, SUI's overall narrative leans towards bullish sentiments.
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