$SUI WARNING: pump then dump

8 thg 8

SUI is experiencing a significant pump due to BlackRock's announcement of a specific SUI trust fund. However, on August 3rd (and on the 3rd of every month until January 2025), SUI will undergo a large token unlock for their Series B and C investors.

The concern is that there was no immediate impact from this token unlock, suggesting that the VCs may be waiting for retail investors to FOMO into SUI following the BlackRock announcement before they dump their coins.

Once the FOMO cools down, it's likely that the VCs will sell, which could cause the price to drop.

SUI is currently in a downtrend, forming a falling wedge pattern due to the monthly token unlocks that began in July 2024. The upcoming inflation will be difficult for the market to absorb. The token unlocks will slow down in January 2025.

DYOR

10 thg 8

Ghi chú

I mean the Grayscale fund not Blackrock. Sorry for error

13 thg 8

Ghi chú

SUI has pumped more than I expected. However, the idea remains the same. It broke the descending wedge pattern. Now, either the VCs decide not to dump yet, and I am wrong, in which case SUI will enter an ascending pattern until they finally exit their liquidity. Or, as I forecasted, it will reintegrate into its pattern with a dump. Let's see what the market decides.

16 thg 8

Ghi chú

SUI re-integrating its descending wedge. It seems that this idea was accurate.

10 thg 9

Ghi chú

Well well, SUI didn't dumped so much, it actually made the decending resistance a support! That is an interesting development. Have we touched the bottom?

10 thg 11

Đóng lệnh: đạt mục tiêu

This previous idea played out well, with SUI fully recovering and reaching a new all-time high. It's time to close this idea.

SUI hit $0.50, so if you bought within the buy zone (green box) as I suggested, you’re up over 200% in profit. I’ll post another idea when it becomes relevant.

I hope you enjoyed the ride and bought in when advised!