SUI Token Faces Continued Pressure Amid Market Slump and Token Unlocks

SUI, the native token of the Sui blockchain, continues to struggle as it trades sideways NEAR $2.71, remaining 15.5% lower over the past month and 48.1% below its all-time high of $5.20. Technical indicators show persistent weakness, with a descending channel pattern and repeated failures to hold above the 50-day moving average.

Market-wide cooling, intensified by geopolitical tensions, has further weighed on sentiment. Supply pressures are mounting with 44 million sui tokens ($120 million worth) unlocked on July 1. The project will continue monthly unlocks of 55 million tokens through 2030, creating sustained selling pressure.

With only 34.5% of SUI's 10 billion total supply in circulation and over 5.2 billion tokens still locked, the token faces significant overhead supply. Without strong demand catalysts, the current technical and fundamental setup suggests continued downside risk.