Sui is facing a crucial week with the unlocking of 64.19 million SUI tokens, worth approximately $148.29 million, on April 1. This token release represents 2.03% of the circulating supply of 3.17 billion SUI tokens, sparking concerns of increased selling pressure that could affect the price. Although a significant portion of the total supply, 31.7% of the maximum 10 billion SUI tokens, has already been unlocked, there’s still a substantial amount left to enter the market. This raises questions about the future of SUI price, especially amid market conditions that have led to a decrease in overall value for many cryptocurrencies.

On the technical side, SUI is currently trading at $2.32, sitting close to its 20-day simple moving average. It is facing resistance at $2.37, with further levels of resistance at $2.64 and $2.78 if the price continues to rise. On the downside, the closest support level is $2.23, and a decline toward $2.00 is a possibility if selling pressure intensifies. Technical indicators show a neutral to slightly bearish momentum, with the Relative Strength Index (RSI) standing at 44.5, indicating weak buying interest. The MACD remains negative, signaling ongoing sell pressure, though the Stochastic RSI is nearing the oversold zone, hinting at a possible short-term rebound.

As the token unlock approaches, SUI may experience brief volatility as traders react to the increased supply. A retest of the $2.37 resistance level could happen if buyers protect the $2.23 support zone. However, if the price falls below $2.23, additional declines toward the $2.00 level could follow. Despite these concerns, there are positive developments within Sui’s ecosystem. The blockchain recently surpassed 100 million total accounts, a significant milestone, and Canary Capital’s SUI-linked exchange-traded fund filing could boost sentiment. If buying pressure outweighs selling activity, SUI could break through the $2.37 resistance level and test higher targets like $2.64 in the coming weeks.

Overall, the upcoming token unlock will likely cause short-term volatility in SUI’s price, but the broader developments in the decentralized finance space and the continued growth of the Sui network could help mitigate the potential downsides.