SUI Slides 9% as Impending Token Unlock Triggers Drop to $2.27
SUI experienced a significant decline of 9.1%, dropping to $2.29, amid apprehensions regarding a forthcoming $146.55 million token unlock in November. The sell-off intensified after the token fell below the critical support level of $2.41, leading to a surge in trading volume, which was 160% above average. Trading volume peaked at 37.5 million, driving a rapid decrease from $2.51 to a low of $2.27. Although institutional selling contributed to the drop, signs of buyer defense emerged around the lower prices. In contrast to its price struggles, SUI's ecosystem showed some resilience, with Momentum DEX reporting $26 billion in trading volume, marking an 8.3% increase from the previous week. Despite these developments, the looming supply from the upcoming unlock is dominating trader sentiment, leading to caution in the market as attention shifts to potential support and resistance levels, with support being near $2.27–$2.29.
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