Coinbase’s recent listing of the cryptocurrency SUI has ignited significant buying momentum, propelling the token to a 21% surge on Tuesday. The announcement that New York residents can now trade SUI on both the Coinbase website and its mobile applications came at a remarkable moment, just one day after SUI’s $86.86 million token unlock event, which traditionally raises concerns of downward price pressure due to an increase in circulating supply. However, this time, the opposite occurred, as the Coinbase listing catalyzed a wave of bullish sentiment.
The impact of the Coinbase listing is particularly noteworthy amidst a backdrop of several other significant token unlocks scheduled for December. SUI’s unlock eclipses all upcoming token releases this month, dwarfing the $86.84 million event planned for Aster on December 17, and leaving behind LayerZero and Pump.fun, which are set to unlock $33.70 million and $31.22 million respectively. Other projects like Arbitrum and Aptos also have unlock events this month, yet none compares to the scale or the market reaction generated by SUI’s event.
The new trading capability on Coinbase allowed SUI to outperform notable altcoins such as Litecoin and Hedera, which rose only 9%, and Avalanche, which gained 8% during the same period. This strong performance highlights the significant market impact of the Coinbase listing.
SUI’s price, now at $1.60, rebounded noticeably following the breakout, moving beyond the Keltner mid-band for the first time in nearly three weeks. The rally was buoyed by substantial trading volume, with a positive volume delta recorded at +14.6 million—its most robust figure since early November. Additionally, this price movement nudged the relative strength index (RSI) to 44.41, indicating a potential trend change rather than an overbought condition.
Looking ahead, the immediate resistance level stands at $1.92. A successful breach of this barrier would invalidate the prevailing November downtrend and open the door for a move toward the $2.72 pivot point, previously established during October’s sharp market fluctuations. Conversely, the critical support level is identified at $1.32, which aligns with the lower Keltner boundary and represents a consolidation base achieved during late November. If SUI were to fall below this mark, it could signal a continuation of the bearish trend witnessed in November, with the risk of revisiting October lows around $0.56.
The developments surrounding SUI are a vivid illustration of the unpredictable nature of cryptocurrency markets. As trading conditions continue to evolve, investors are urged to stay informed and exercise caution, particularly as market dynamics can shift rapidly.
