Sui Crypto Plunges 9% Amid Upcoming Token Unlocks

Sui cryptocurrency has experienced a significant drop of nearly 9% over the past week, according to data. This decline is largely attributed to upcoming token unlocks, with approximately 13.72 million tokens set to be released on August 1.

This increase in supply may put additional pressure on the market, causing selling sentiment to rise. However, it's worth noting that aggressive short selling has not yet begun.

Currently, Sui is trading near the lower end of its recent consolidation range of $0.70-$0.77, presenting a potential buy opportunity for swing traders targeting a 10% rally. Nevertheless, a sustained breakout above $1.42 would be required to reverse the long-term downtrend.