SUI Declines 3% as $144M Token Unlock Spurs Selloff

SUI, the native token of the Sui network, dropped 3.3% over 24 hours, falling from $3.32 to $3.21. This decline was attributed to a significant token unlock event, with $143.9 million worth of tokens being released, which included 44 million tokens scheduled from September 29 to October 6. The selling pressure led to a breach of the $3.26 support level, indicating downward momentum toward the psychological support at $3.20. The broader crypto market also faced headwinds, with the CoinDesk 20 Index declining approximately 2%. Increased trading volume, exceeding the daily average, suggested coordinated selling among larger holders. Overall, over $773 million in scheduled unlocks from various projects cast a shadow on altcoin sentiment, raising concerns over potential further downside for SUI as traders assess the impact of fresh supply on future demand.

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