SUI Price Rally And Defies Gravity: 21% Rally Overpowers Major Token Unlock
In a stunning display of strength, the SUI price rally 21% on Tuesday, completely overriding what is typically a major bearish event. This surge was triggered by a pivotal announcement: Coinbase secured approval to list SUI for traders in New York. The bullish momentum from this news was so potent that it absorbed a massive $86.86 million token unlock that would normally sink prices.
A Bullish Catalyst Overpowers a Bearish Event
The timing was critical. The Coinbase listing news arrived less than a day after SUI’s scheduled token unlock, one of the largest this month. Unlocks flood the market with new supply, usually creating strong sell pressure. However, the legitimacy and access provided by a New York listing on a top-tier exchange like Coinbase acted as a powerful counterforce. It triggered significant spot buying, flipping the script and demonstrating intense institutional and retail demand. This SUI price rally notably outperformed rivals like Litecoin and Avalanche, highlighting its unique momentum.
Technical Breakout Confirms Momentum
On the charts, the rally pushed SUI decisively above a key technical barrier: the Keltner Channel mid-band, around $1.6. This marks its first sustained break above this level in nearly three weeks, signaling a potential trend reversal. The momentum is supported by a strongly positive volume delta, indicating real buying pressure behind the move.
The next major resistance sits at the upper Keltner Band near $1.92. A decisive close above this level could invalidate the November downtrend and open a path toward $2.72. On the flip side, key support holds at $1.32; a break below could see a retest of lower levels.
My Thoughts
This is a classic case of a high-quality catalyst trumping a technical selling event. The market is sending a clear message: exchange accessibility and regulatory clarity (especially in New York) are currently more impactful than tokenomics supply shocks. This move could set a precedent for how other assets with upcoming unlocks trade on major listing news. The momentum suggests bulls are in control, with eyes now firmly on the $1.92 resistance test.