Sui Token Unlocks Weigh on Bulls as Price Decline Continues
The Sui cryptocurrency has been experiencing a decline in value over the past week, with an 8.76% drop from its previous price. This downturn comes as Bitcoin saw a slight increase of 0.5% in the same period.
According to Coinalyze data, the spot CVD for Sui has been in decline over the past two days. Additionally, the Open Interest slid lower as prices fell from $0.72. However, the funding rate remained positive, indicating that market sentiment is bearish but not yet aggressive.
The looming threat to investors and traders comes in the form of token unlocks, with 13.72 million tokens worth $9.76 million set to be unlocked on August 1. This signals potential supply pressure and short-term selling as more tokens become available to early contributors. Furthermore, only 40.6% of the vesting schedule is complete, indicating that there will be further unlocks in the future.