SUI Declines 3% as $144M Token Unlock Spurs Selloff
- The native token of the Sui network, SUI, decreased by 3.3% over the last 24 hours, dropping from $3.32 to $3.21.
- SUI broke its $3.26 support level, indicating continued downward momentum and nearing the $3.20 psychological threshold.
- The broader crypto market, as measured by the CoinDesk 20 Index, fell about 2% in the same period.
- Transaction volumes spiked above the daily average of 6.9 million twice, suggesting coordinated exits by large holders.
- SUI Corporation is conducting a $143.9 million token unlock, releasing 44 million tokens between Sept. 29 and Oct. 6.
- This unlock is part of larger vesting events totaling over $773 million, affecting overall sentiment in the sector.
- Other projects with similar unlocks include Ethena ($126.8 million), Eigen ($68.6 million), and Optimism ($21.3 million).
- Traders are concerned about technical weakness and increased supply, which could pressure prices lower if demand remains unchanged.
- The key test for SUI will be whether buyers defend the $3.20 level amid ongoing unlock cycles.
