Sui Token Supply Pressure Mounts as $9.76M Unlock Nears
Sui, the cryptocurrency token, faces another round of token unlocks on August 1. A total of $9.76 million worth of SUI tokens will be unlocked, which is a significant amount considering it's just one of many scheduled releases in the project's vesting plan.
The recent token unlocks have increased the circulating supply of Sui, putting pressure on its price. However, investors seem to be taking it calmly as the token's price has not dropped significantly below previous highs.
Despite this, Sui's recovery remains fragile, and the upcoming unlock will put a strain on the market. The key support level for Sui is currently at $0.70, and if it breaks through this level, the price could drop to $0.6492.
The derivatives market is also signaling caution, with Open Interest near $495 million and neutral funding rates reflecting balanced positioning.