Top cryptocurrencies to watch this week: Sui and Sonic

All eyes are on Sui this week as the Layer-1 blockchain prepares for a major token unlock that could reshape its near-term price action.

While Bitcoin (BTC) flirts with a breakout past $107,000 and ETF inflows near $50 billion, Sui (SUI) is drawing heightened scrutiny ahead of its July 1 unlock of 5.22 billion tokens—worth over $154 million, or 1.63% of total supply. This recurring monthly event, scheduled to continue through 2030, has become a significant driver of volatility.

Technical indicators point to further downside as SUI trades below its 50-day moving average within a descending channel. With the price hovering near the $2 support level, traders are bracing for movement. Meanwhile, broader market sentiment remains mixed as macro data, including U.S. nonfarm payrolls and trade updates, loom.

Sonic (S) is also in focus ahead of the latest U.S. nonfarm payroll data, to be released on July 3.

Bitcoin price eyes a major breakout

Bitcoin will be one of the top cryptocurrencies as its ETF inflows surge and as it eyes a bullish breakout. Data shows that Bitcoin ETF inflows jumped by over $2.2 billion last week, its third consecutive week of gains. This growth resulted in cumulative inflows of nearly $50 billion. 

Technical indicators suggest that the Bitcoin price is eyeing a bullish breakout to its all-time high, which may occur this week. It has formed a bullish flag and a cup-and-handle pattern, which often leads to more gains. 

The distance between the upper side and the lower side of the cup is about 30%. Measuring the same distance from its upper side brings the target to about $145,000. Such a move will likely trigger a new crypto market bull run.

Sui price at risk as a big unlock nears

Meanwhile, Sui, a top layer-2 network, will be in the spotlight as the Sui Foundation unlocks 5.22 billion tokens worth over $154 million, or 1.63% of the total supply. 

Sui has a maximum supply limit of 10 billion tokens and a circulation of 3.39 billion. It unlocks over 55 million tokens on the first of every month, a trend that will continue until 2030. 

Technicals show that the SUI price has moved below the 50-day moving average and has formed a descending channel. Therefore, the price may continue falling as traders eye the support at $2 ahead of the unlock event.

Sui is a Layer-1 blockchain designed for low-latency and scalable decentralized applications (dApps). It was created by Mysten Labs, a company founded in 2021 by former Meta (Facebook) engineers who had previously worked on the Diem blockchain and its smart contract language, Move.

Sonic price prepares for a token unlock

Sonic, formerly known as Fantom, has been in a downtrend, with its token falling by 705 from its highest point this year. 

The main catalyst for the Sonic price will be on Thursday, when the network unlocks tokens worth over $73.7 million, representing 7.50% of the total float. Sonic has a circulating supply of 2.88 billion against a total supply of 3.17 billion. 

The 12-hour chart shows that the Sonic price has crashed from the year-to-date high of $0.9833 to the current $0.3166. It recently moved below the support at $0.3810, the lowest swing on April 8. It remains below the 50-period moving average.

Therefore, the token will likely continue falling as sellers target the support at $0.20.

Sonic came forth from the Fantom Foundation, led by DeFi developer Andre Cronje, and was unveiled in early 2024.