SUI Slides 9% as Impending Token Unlock Triggers Drop to $2.27

The SUI token experienced a 9.1% drop, falling to $2.29 on Thursday, driven by mounting concerns regarding a significant token unlock valued at $147 million scheduled for November. The sell-off accelerated when SUI broke the key support level of $2.41, which triggered stop-loss cascades and liquidations, pushing the price as low as $2.27 amid a 160% surge in trading volume. Despite this price weakness, the SUI ecosystem showed some positive signs, including increased trading volume on the Momentum DEX and the addition of Electronic Arts co-founder Bing Gordon as an advisor to bolster Web3 gaming efforts. However, the short-term market sentiment remains cautious as traders watch technical levels, with support forming around $2.27–$2.29, anticipating the impact of the impending supply increase.

(Source：CoinDesk)