Preface

SUI, the native token of the Sui network, experienced a significant decline recently, drawing the attention of market analysts. The token, valued at $3.32, slid down to $3.21, witnessing increased selling activity. This drop can be attributed to a substantial $143.9 million token unlock, scheduled to release 44 million tokens over the upcoming week. This event raises concerns among traders and investors due to the potential of a supply surplus affecting market sentiment.

Lazy bag

Amidst widespread altcoin pressure, SUI drops 3.3% as a substantial $143.9 million unlock looms, influencing broader crypto market sentiment.

Main Body

The cryptocurrency market constantly faces variability in token prices due to diverse factors ranging from market dynamics to technological advances. Recently, SUI, a significant token within the Sui network, has seen a 3.3% drop from $3.32 to $3.21 over a 24-hour period, as per CoinDesk Research’s technical analysis. The slump broke through the previous support level of $3.26, pushing the asset nearer to the critical psychological boundary of $3.20.

This downtrend correlates with broader market movements, as indicated by the 2% fall in the CoinDesk 20 Index. The volume of trading transactions surged past its usual daily average of 6.9 million on two notable occasions, suggesting strategic sell-offs by major holders.

At the core of this decline is a clearly defined event: a planned token unlock by SUI Corporation. This event involves the release of $143.9 million worth of tokens, totaling 44 million, between September 29 and October 6. Such large-scale unlocks affect market confidence, potentially leading to oversupply issues. The phenomenon of unlocks is not isolated to SUI; projects like Ethena, Eigen, and Optimism are facing similar events, thereby impacting market sentiment across various altcoins.

For traders, this situation presents a dilemma. On one hand, the technical weakness displays a vulnerability. On the other, the introduction of fresh supply, irrespective of stable demand levels, could potentially lower prices, prompting challenging decisions regarding asset allocations.

Adding to the complexity, data from August reveals that centralized derivatives trading rose by 7.58%, reaching $9.72 trillion. Gate Exchange stands out, overtaking Bitget by achieving a 98.9% volume rise to $746 billion. Furthermore, open interest on derivatives across centralized exchanges grew by 4.92% to $187 billion.

Concurrently, wider market dynamics, such as a looming U.S. government shutdown, might delay regulatory efforts and disrupt key economic data releases. The potential for such ripple effects introduces an element of market uncertainty, particularly affecting Bitcoin, which notably rebounded from prior lows while others in the CoinDesk 20 Index declined.

Key Insights Table

Aspect	Description
SUI Token Drop	The token decreased by 3.3%, breaking through a critical support level.
Token Unlock Impact	A $143.9 million release over a week puts pressure on the market.

As the unfolding weeks progress, the focal issue remains: whether SUI finds sustainable support at $3.20 or further succumbs to downward pressures as new tokens enter circulation.

Last edited at：2025/9/30