Layer-1 blockchain Sui (SUI) is set to unlock 64 million tokens on October 1, representing 2.40% of the total circulating supply. As the crypto community eagerly awaits the release of these tokens, SUI is experiencing heightened investor interest.

Although token unlocks usually cause high volatility and sometimes price decline, this analysis highlights why SUI’s price might not experience a massive drawdown and the rationale for predicting a much higher value after the event.

Sui Is Set to Release 64 Million Tokens, Volume Jumps

SUI’s price has increased by 115% in the last 30 days, most of it due to Grayscale’s decision to launch the SUI Trust. Besides this, the project’s Total Value Locked (TVL) has reached a new all-time high, indicating increased confidence in the altcoin’s potential.

Meanwhile, on Tuesday, October 1, the project will unlock 64.19 million tokens, valued at over $100 million. Token unlock is a process by which previously restricted coins are released into circulation.

Most times, this supply shock comes with high volatility. However, on the daily chart, the Bull Bear Power (BBP), which measures the strength of buyers and sellers, reveals that the bulls are in control.

Read more: Everything You Need to Know About the Sui Blockchain

As such, buying pressure is most dominant, suggesting that SUI’s price could jump higher than $1.73. Furthermore, Sui’s volume has also increased to $862.48 million.

Generally, increasing buying volume will push a cryptocurrency’s price higher. But for that to continue, the volume must climb. However, if the volume declines as the price rises, then the uptrend might become weak, and a potential reversal could be next. 

In SUI’s case, the price has increased by 5% in the last 24 hours and the volume rose by 122% within the same period. As such, the toke might experience a continued rally. 

SUI Price Prediction: Bears Do Not Have a Chance

A further look at the daily SUI/USD chart shows that the altcoin continues to show remarkable strength. However, traders need to watch out for the $1.90 region, which is historically a crucial level for SUI’s price.

For example, when SUI’s price attempted to hit $2 in February, it experienced a push bask as soon as it reached $1.90.  Currently, the altcoin is approaching the same zone. But with buying pressure present, it is likely to breach the region.

In addition, the 20-day Exponential Moving Average (EMA) remains above the 50 EMA. This indicates that the bullish setup is still in place, and SUI’s price can continue to appreciate.

Read more: A Guide to the 10 Best Sui (SUI) Wallets in 2024

If buying pressure helps SUI surpass the $1.90 resistance, the token may rise to $2.10. However, a wave of profit-taking could drive its value down to $1.45, invalidating the bullish prediction.

Ethena (ENA) price has surged 11% as bullish momentum continues to build, with signals indicating there could be more room for growth. The recent spike comes on the heels of a proposal to integrate Ethereal, a decentralized exchange, into Ethena’s reserve management system.

Key technical indicators show that ENA’s upward trend is gaining strength, but it hasn’t yet reached levels that typically signal overbought conditions. With buying pressure continuing to outweigh selling, the trend suggests further upside potential.

Ethereal DEX Could Appear on Ethena Soon

Ethena (ENA) is up 11% after Ethereal, a decentralized exchange (DEX), was proposed for integration into the Ethena Network’s reserve management system, becoming an on-chain venue for spot and derivative trading supporting USDe, Ethena’s synthetic stablecoin.

The proposal, written by user “Fells0x,” suggests distributing 15% of Ethereal’s potential governance tokens to Ethena (ENA) holders. Ethereal aims to deliver centralized exchange-level performance while maintaining self-custody, with features like cross-margin and liquidity automation, and is expected to launch on testnet later this year.

Even with the recent pump in the last 24 hours, ENA RSI still appears to show more room for growth.

Read more: What Is Ethena Protocol and its USDe Synthetic Dollar?

ENA’s 7-day RSI is currently at 54.40, up significantly from 26 just 20 days ago, signaling a strong upward momentum. The RSI (Relative Strength Index) is a popular momentum indicator used to gauge whether an asset is overbought or oversold. Values below 30 indicate oversold conditions, and above 70 suggest overbought territory.

Despite its sharp rise, ENA’s RSI remains well below the overbought threshold, implying that the asset is not yet in an overheated state. This suggests that the recent 11% pump might only be the beginning of a larger upward move, as there’s still room for more gains before ENA reaches overbought levels.

ENA Uptrend Could Be Only Getting Started

ENA’s DMI shows a strong trend, with the ADX at 42.0560, signaling strong price momentum. The +DI at 31.0358 is significantly higher than the -DI at 13.1634. That indicates that bullish sentiment is dominating over bearish pressure.

This suggests that buying demand for ENA is currently strong and driving the price upwards, making the trend likely to continue.

The Directional Movement Index (DMI) measures both the strength and direction of a trend. The ADX gauges the overall strength of the trend, while the +DI and -DI lines represent the magnitude of bullish and bearish movements, respectively. In this case, the higher +DI reflects strong upward momentum, with the bulls firmly in control.

Given the ADX value above 40, the trend is considered very strong. That means that ENA’s recent gains are likely to persist. This combination of rising bullish momentum and a strong ADX suggests that ENA could experience continued upward price movement in the near term.

ENA Price Prediction: A Potential 66% Rise?

ENA’s price is currently facing relatively weak resistance between $0.41 and $0.46. That suggests that there is room for it to continue rising. Beyond this, another resistance zone exists between $0.46 and $0.65, implying that ENA could potentially surge by up to 66%. This makes a strong case for further upward movement, given the current price action.

The Global In/Out of the Money (GIOM) metric is a tool used to determine the profitability of addresses holding an asset. It analyzes the average buy price of tokens across various wallets to identify areas of support and resistance.

Read more: How To Use Ethena Finance To Stake USDe

When a large number of holders are “in the money” (i.e., profitable), the price tends to face resistance as these holders may sell. On the other hand, areas with “out of the money” holders may act as support, as buyers are less likely to sell at a loss.

On the downside, if the current trend reverses, ENA has a weaker support zone between $0.32 and $0.36. If it fails to hold above $0.32, the price could drop further, potentially testing as low as $0.25. This indicates that while the upward potential is substantial, failure to maintain support levels could result in significant downside risk.