The SUI price has been retested at $4 for the first time since February 1. In the last week, the coin gained a stark 100% increase. The sharp hike was observed 8 days after the unlock on May 1.
At press time, the price stands at $3.95. However, some primary indicators suggest that the native crypto at layer-1 blockchain can recover from the pullback and resume the uptrend journey.
SUI Recovers from The Token’s Unlock Impact
On May 1, team SUI unblocked 88.43 million tokens worth approximately $350 million. Now, all the tokens are circulated as part of the scheduled vesting!
This large token unlock is supposed to exert tremendous selling pressure and impact the price. However, things didn’t turn out as expected!
SUI’s price rose to its highest point in around four months. CCN’s daily chart analysis shows that SUI validated the bull run after breaking out of a cycle.
What’s The Bullish Pennant?
As the name suggests, the bullish pennant is a continuation strategy formed after a major upswing. After that, a short consolidation period resulted in a genuine breakout.
A clinical market study reveals that SUI’s breakout was observed after the coin pushed over the resistance band at $3.33.
What Does the Future Hold?
It is projected that SUI will break its overhead resistance at a price point of $4.03. However, the same outcome would flourish if the upmarket trend continued!
At the same time, analysts of Bitcoin Magazine also point out that SUI would be one of the biggest winners of the current cycle.
The fundamentals of the project, the current price action, and their active team could drive uo the price, and keep the trend alive!
