SUI Token Drops 4.31% as $121M Unlock Looms, Market Eyes Further Downside Despite Ecosystem Growth

SUIUSDT has declined by 4.31% over the last 24 hours, with the price dropping from 2.7101 to 2.5932 on Binance. This recent price decrease is primarily attributed to heightened volatility ahead of the upcoming July 1 token unlock, which will release approximately $121 million in SUI (1.3% of circulating supply), raising concerns about increased selling pressure. Additional downward momentum is linked to bearish short-term sentiment, as reflected in technical indicators and price predictions forecasting further declines toward $2.09 by June 25, 2025. Despite strong network activity and ecosystem growth, including a surge in Suilend’s TVL and technical upgrades, the market remains cautious, with SUI underperforming both USD and BTC over the past week. Trading volume remains robust, and SUI's market capitalization is estimated above $1.6 billion, though both price and sentiment have weakened in the near term.