SUI Token Price Drops 23% After $210 Million Unlock Event

SUI's price fell sharply to $3.49 following the release of 76.27 million tokens worth $210 million into the market. This sell-off wiped out recent gains, including last week's all-time high of $4.2595, despite positive developments such as ETF filings and growing institutional interest.

Technical indicators suggest a potential rebound, with the RSI stabilizing at 45.77 after reaching oversold levels. Market participants had been anticipating the August 1 token unlock since late July, contributing to sustained downward pressure.

This event underscores the cryptocurrency market's vulnerability to supply shocks, even for fundamentally strong Layer 1 projects. SUI's 23% decline from July peaks demonstrates how tokenomics events can temporarily overshadow bullish catalysts like SEC-registered investment products.