SUI Slides 9% as Impending Token Unlock Triggers Drop to $2.27

SUI experienced a significant 9.1% drop to $2.29, driven by concerns over a $146.55 million token unlock scheduled for November. This price decline followed the break of the key support level at $2.41, leading to a surge in selling volume, which reached 160% above the average due to stop-loss triggers. As the trading volume spiked to 37.5 million, SUI's price fell to a low of $2.27 before finding some stabilization. Despite the downturn, positive developments included the Momentum DEX reporting $26 billion in trading volume and the SUI Foundation bringing on Bing Gordon, co-founder of Electronic Arts, as an adviser to enhance its Web3 gaming strategy. Nonetheless, the anticipated supply from the token unlock overshadows these gains, with key support forming around $2.27–$2.29 and resistance at the broken $2.41 level. Cautious sentiment persists as the market awaits the new supply's impact.

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