What's the new narrative for SUI as the big unlock goes up instead of down?
Over the past weekend, the overall cryptocurrency market sentiment index was at 26, indicating a state of fear. However, the token SUI of the public chain project Sui has experienced a strong performance with a three-day consecutive rise. The latest Bollinger Band support price for SUI is $0.899, and the resistance price is $0.951.
Trading Strategy
Breakout Strategy:
- Direction: Bullish
- Entry Condition: When the SUI price breaks above the Bollinger Band resistance price of $0.951
- Strategy Characteristics: This strategy leverages the current long trend and the short-term market sentiment being at a low. The expected trend is upward. By waiting for the price to break above the resistance level to confirm the trend, the risk of entering a trade is reduced.
Reversal Strategy:
- Direction: Bearish
- Entry Condition: When the SUI price falls below the Bollinger Band support price of $0.899
- Strategy Characteristics: Although the current trend is long, the market sentiment remains in a state of fear, which poses a potential risk of price decline. Therefore, when the price falls below the support level, considering a short position to capture the short-term decline may be appropriate.
Project Events
Token Unlocking
On September 1, SUI unlocked tokens worth over $60 million. Despite this unlocking, the price of SUI has remained strong without showing the typical post-unlocking decline. Some community members believe that the unlocked tokens may have been absorbed through over-the-counter transactions by venture capital firms, thus avoiding selling pressure in the secondary market. Regardless of the true situation, the price resilience shown by SUI in the current complex market conditions indicates that it is a token worth paying attention to recently.
New Narrative
Additionally, from a narrative perspective, Sui recently launched a gaming console called SuiPlay0X1. This console is the first handheld gaming device integrated with Sui’s native blockchain technology. It supports Sui games as well as games from the Steam and Epic game libraries, combining AAA gaming experiences with new digital asset features enabled by blockchain technology.
The SuiPlay0X1 is currently available for pre-order at a price of $599 (excluding shipping and taxes), and can be purchased using SUI, ETH, and SOL. The first 1,000 customers to pre-order the SuiPlay0X1 will receive a Soulbound NFT, which grants special access, rewards, and benefits. The gaming console is expected to be delivered in 2025. There is speculation that the launch of this gaming console by Sui might lead to future airdrops of eco tokens, similar to Solana‘s previous Saga phone release.
About Sui Network
Sui is a Layer 1 public chain designed and built from first principles, aiming to provide a development platform capable of supporting the next billion users in Web3. Applications on Sui are based on the Move smart contract language and feature horizontal scalability, allowing developers to support a wide range of applications quickly and at low cost.
