SUI’s price has exploded spectacularly, doubling its value in a single week. This huge uptick occurred in the face of a large token unlock. During the surge, the cryptocurrency soared above $4 for the first time since February 1. That’s its highest level in almost four months!

Indeed, SUI’s price has doubled in just the past week. Despite unlocking the SUI corresponding to 88.43 million tokens ($350 million) on May 1, the SUI team faced a pump. This unlocking happened as it was built into their vesting schedule.

At press time, SUI’s price has climbed back down a little to $3.95. The token unlock, a very predictable and known forward event in their financial model, didn’t even put a dent in investor excitement.

Technical analysis suggests the uptrend may continue. A bullish Moving Average Convergence Divergence (MACD) crossover just printed. The supertrend indicator points to a strong bullish support for the price of SUI. Further analysis of SUI’s daily chart reveals the crypto has broken out of a bullish pennant. The 12-day Exponential Moving Average (EMA) has moved above the 26-day EMA. If the trend continues, the price of SUI will soon cross over the current overhead resistance at $4.03.

If the bullish momentum persists, SUI’s market cap might climb to $5.38, breaking a new all-time high.

Clear breakout of the downwards pattern, strong move upwards, and clearly in an upwards trend. Aside from that, the ecosystem keeps on delivering with constant new projects launching and thriving, +TVL constantly rallying upwards. Probably going to be a big winner during this cycle. - Michaël van de Poppe

If the bullish momentum continues, SUI's market value could potentially reach $5.38, achieving a new all-time high.