Sui Token Unlock Expected to Apply Bearish Pressure on Market

Sui token unlock is expected to apply bearish pressure on the market. The $51.60 million worth of tokens will be unlocked. The market may be oversupplied with tokens as a result of this release, which accounts for 2.47% of SUI’s total supply. Due to the massive inflow of tokens, some investors may decide to sell off, which could lower the price of SUI.

1. Sui, $SUI

On September 1, Sui will unlock 64.19 million tokens. These tokens, worth approximately $51.6 million, account for 2.47% of its circulating supply. The distribution of these tokens will be as follows:

– Series A: 19.84 million SUI ($15.95 million)
– Series B: 19.32… pic.twitter.com/5D9hVnlQHs

— Self Custody (@iamselfcustody) September 1, 2024

SUI is at risk of experiencing negative market conditions as it is scheduled to be unlocked in some weeks to come. The combination of higher supply and possible selling pressure points to a possible value decline for SUI. Owing to the possibility of a major impact on SUI’s price trajectory from the token unlock, investors should keep a close eye on the market.

Key Sui Levels To Watch – September 1

The SUI/USD pair is in a downtrend, as evidenced by the lower highs and lower lows on the chart. Price recently broke below the 9-day SMA and is currently struggling to stay above the 0.786 Fibonacci retracement level.

The bearish divergence in the MACD supports a potential further decline. Key support lies around $0.6030, with resistance near $1.00 in the order block region.

SUI/USD Key Levels

Resistance Levels: $1.1180, $1.4410, $2.1820
Support Levels: $0.7130, $0.6030, $0.2840

Sui Token Metrics

Total Market Capitalization: $2.04T
Sui Market Capitalization: $2.14B
Sui Volume: $94.10M
Market Rank: #34

You can purchase Lucky Block here.  Buy LBLOCK

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.