Sui Struggles Below Resistance As $147 Million Token Lockup

Today, SUI faces a critical challenge as a token lockup worth 147 million USD could create strong selling pressure, while the market tests important resistance levels. Despite a strong recovery momentum, shown by the RSI index surging from the oversold zone, it has not yet crossed the critical 60 threshold, indicating hesitation from buyers. The Ichimoku Cloud chart shows the price is approaching the cloud's edge but lacks sufficient momentum for a clear breakthrough. Meanwhile, the potential formation of a golden cross on EMA lines opens opportunities for bulls, provided they can overcome the $2.50 resistance and avoid volatility from the token lockup. The Relative Strength Index (RSI) of SUI surged from 29.38 to 58.94 in just one day, reflecting a significant short-term momentum shift. RSI is a momentum oscillator measuring recent price change speed and magnitude, ranging from 0 to 100. When RSI is below 30, an asset may be oversold; when above 70, it may be overbought. SUI's rapid RSI increase shows buyers actively participated after a strong selloff. However, despite an impressive recovery, SUI's RSI touched the 60 threshold but could not break this level early today. The 60 level often serves as a short-term resistance during recovery periods, and rejection may indicate bull hesitation or profit-taking after the price increase. Although the RSI approaching 60 is a positive sign, a clear breakthrough above this level is necessary to confirm an upward trend. Currently, SUI remains in a recovery process, but its inability to cross this threshold suggests bulls have not yet fully controlled the situation. SUI's Ichimoku Cloud chart shows a breakthrough attempt as the price surged and currently hovers at the cloud's edge. This indicates a forming price increase momentum, however, the thick red cloud layer ahead may challenge SUI in maintaining an upward trend without stronger confirmation. The Tenkan-sen (green line) is beginning to rise and has crossed above the Kijun-sen (red line), a price increase signal. However, the price still needs to break through and maintain position above the cloud to fully reverse the downward trend. Currently, the Kumo cloud remains tilted towards a downward and sideways trend, showing a lack of strong upward momentum. SUI's current position places it at a crucial decision point – either breaking through the cloud to confirm trend reversal or being rejected and returning to the previous decline range. If bulls maintain pressure and push prices above the cloud's upper boundary, a stronger increase might be triggered. However, without increased trading volume and broad market support, the price risks getting stuck in a sideways state or even reversing downward. SUI's EMA lines are narrowing and showing signs of forming a golden cross – a classic price increase signal typically preceding upward momentum. However, the price currently faces a significant resistance threshold near $2.50. If bulls can break this level, the path to $2.83 might open up. Downside risks remain, especially with today's 147 million USD token lockup, which could create substantial selling pressure. If this occurs, SUI's price might drop to the $2.23 support zone. Breaking below this level could reverse momentum in a way favorable to bears, causing the price to face deeper support levels at $2.11 and $1.96. View SUI price here. **Disclaimer:** The article is for informational purposes only, not investment advice. Investors should thoroughly research before making decisions. We are not responsible for your investment choices. Join Telegram: https://t.me/tapchibitcoinvn Twitter (X): https://twitter.com/tapchibtc_io Tiktok: https://www.tiktok.com/@tapchibitcoin Youtube: https://www.youtube.com/@tapchibitcoinvn SN_Nour