Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. SUI, the 13th largest cryptocurrency by market cap, has been on an impressive run recently, posting a 64% increase in just one week. Trading from $2.11 to a high of $3.46, the strong momentum surrounding SUI has captured significant attention — but all eyes are now turning to an important upcoming event: a major token unlock scheduled for April 30.
A token unlock refers to the scheduled release of tokens that were previously locked or restricted from circulation. In crypto projects, initial token allocations are often locked to prevent early investors or team members from immediately selling large amounts, which could negatively impact price. Unlock events can introduce new supply into the market, which sometimes leads to heightened volatility as traders anticipate or react to the increased liquidity.
Don't Miss: For SUI, this unlock is part of its Community Reserve and Stake Subsidies programs. A total of 88.34 million SUI tokens, valued at approximately $304.85 million, will be released. This represents 2.71% of SUI's total market capitalization.
Following this event, around 33.4% of SUI’s total supply will have been unlocked and circulating in the market. SUI's maximum supply is capped at 10 billion tokens, with a significant portion — about 52.2% — not expected to be allocated until after 2030. This extended vesting schedule is designed to align incentives over the long term, but short-term unlocks like the one approaching can still have notable effects on price and market sentiment.
From a technical analysis standpoint, traders are closely watching key levels on the chart. The $3.54 price level is particularly important, as it marks the 50% retracement of SUI's trading range between its all-time high of $5.36 and the recent low of $1.71. Many traders are eyeing this level for potential profit-taking in the short term, given its significance as a midpoint resistance area.
Trending: New to crypto? Get up to $400 in rewards for successfully completing short educational courses and making your first qualifying trade on Coinbase. For bullish investors, maintaining support at lower levels will be crucial.
Specifically, $2.50 has emerged as a critical zone. Previously acting as resistance, bulls would ideally like to see this level now hold as support on any pullbacks. A failure to hold $2.50 could open the door to deeper corrections, while staying above it could reinforce the ongoing bullish structure.
