Sui Faces meaningful Token Unlock on April 1
On April 1, Sui is set to release 64.19 million SUI tokens, valued at about $148.29 million.This event, according to tokenimist, represents 2.03% of the current circulating supply. While this might cause selling pressure, only 31.7% of the total 10 billion SUI supply has been unlocked so far.
Despite market concerns, sui’s decentralized finance (DeFi) ecosystem shows promise. Monthly decentralized exchange trading volume hit $5 billion. The stablecoin market cap grew from $370 million in December to $628 million by March 31.
However, Sui’s total value locked has dropped from $2.08 billion in January to $1.2 billion, reflecting the broader crypto market downturn. SUI is currently priced at $2.32, aligning with the 20-day simple moving average.
Technical analysis reveals a neutral to slightly bearish momentum.
Following the token unlock, Sui may experiance volatility. If buyers support the $2.23 support, a retest of $2.37 could occur. A break below $2.23 might lead to further declines toward $2.00.
Positive developments,like Canary Capital’s SUI-linked ETF filing and surpassing 100 million accounts,could boost sentiment. If buying interest prevails, SUI may rise past $2.37 and test $2.64 in the coming weeks.
