Indicators on SUI charts suggest a potential 38% decline in price due to upcoming token unlocks and negative signals from technical analysis.
Formation of Bearish Pattern on SUI Chart
The SUI chart shows the formation of an inverted cup and handle pattern, indicating a potential price decline. The current support is at $2.66, and with increased selling pressure, the price could drop as much as 38% down to the 2025 low of $1.651.
Technical Indicators Point to Decline
The appearance of a death cross on the chart, where the short-term moving average drops below the long-term one, supports the bearish outlook. The lack of significant strength in the formation of the current handle increases the likelihood of price deterioration.
Upcoming Token Unlocks Increase Risks
According to Tokenomist, 44 million SUI tokens worth over $123 million are scheduled to unlock within the next seven days. This could put significant pressure on the market, especially since part of the tokens will be distributed among early contributors.
With upcoming token unlocks and negative technical indicators, SUI faces heightened risks of decline. Investors should closely monitor market movements.
