Key Insights:
- Sui’s $103M token unlock on Nov. 1 could heighten short-term selling as traders stay cautious amid weak market momentum.
- DeFi liquidity dropped to its lowest since July, but DEX volumes surged, reflecting sustained on-chain trading activity.
- Technical indicators point to mild recovery potential, though resistance near $2.48 limits upside in the short term.
Sui’s market outlook has turned cautious as traders prepare for a $103 million token unlock scheduled for November 1. The token has dropped 5.7% in the past 24 hours to trade near $2.35, extending a week-long slide of 5.5%. Over the past month, Sui has fallen 27% and remains 56% below its January peak of $5.35.
Despite the ongoing decline, trading volumes have remained stable. Sui’s 24-hour trading volume rose 12% to $1.33 billion, showing active participation among short-term traders. CoinGlass data reveals derivatives volume slipped slightly to $2.8 billion, while open interest increased to $818.7 million. This pattern suggests traders are holding existing positions rather than opening new ones, signaling cautious sentiment as volatility builds ahead of the unlock.
Token Unlock Adds Short-Term Selling Pressure
According to Tokenomist data, about 43.96 million SUI tokens worth $103.3 million will be released, representing 1.21% of the circulating supply. Only 36% of SUI’s total supply has been unlocked so far, and the new release will add liquidity to the market. Historically, such events have triggered short-term selling, particularly when price momentum remains weak.
DeFiLlama data shows Sui’s total value locked fell 4.2% in the last day to $1.74 billion, marking its lowest point since July. The stablecoin market capitalization also slipped 19% over the past week to $932 million, indicating reduced liquidity for trading and lending. However, decentralized exchange activity offers some relief as monthly DEX volume climbed from $13.6 billion in September to $23 billion in October.
Technical Indicators Signal Mild Bearish Trend
Technically, SUI trades below key moving averages, with immediate resistance at $2.48 and support around $2.23. The relative strength index stands at 36.9, close to oversold territory, hinting at limited downside risk. Momentum and MACD readings indicate early signs of recovery, though the trend remains weak unless SUI closes above $2.56. Continued selling could push prices toward $2.00, while easing pressure might support a rebound toward $2.70.
