SUI Token Climbs 2.95% After $120M Unlock, Volatility Persists Amid Supply Pressure

SUIUSDT experienced a 2.95% price increase over the past 24 hours, trading at approximately $2.79 on Binance. This price movement follows the July 1 unlock of 44 million SUI tokens (valued at about $120 million), which increased circulating supply and contributed to recent volatility. The token unlock, part of a recurring monthly schedule, has created ongoing supply pressure, while declining futures open interest since May indicates reduced trader conviction. Despite technical indicators showing mixed signals—ranging from bearish patterns to potential bullish reversals—SUI remains volatile, with trading volume in the past 24 hours between $577 million and $715 million and a market capitalization near $9.15 billion to $9.5 billion. The asset is trading within a range of $2.69 to $2.83, with investors closely monitoring the impact of continued token releases on price stability.