The SUI token, which operates on a layer-1 blockchain, has shown weak price dynamics in recent weeks. Prices remain under pressure, leading investors to ponder future prospects.
Current SUI Token Metrics
As of this writing, the SUI token is trading around $2.71. Despite a slight uptick of 1.4% in the past 24 hours, SUI remains significantly down, having fallen 15.5% over the last month and 48.1% from its all-time high of $5.20.
Factors Pressuring the Price
The decline in SUI's price appears to be driven by a mix of technical and supply-side factors. In recent weeks, the token has been on a downtrend, falling below its 50-day moving average. The overall cryptocurrency market is also experiencing a cooldown, particularly amid geopolitical tensions between Iran and Israel.
Outlook and Support
The recent unlock of 44 million SUI tokens, worth approximately $120 million, has also added pressure to the market. The total supply is expected to increase by over 55 million tokens each month until 2030. Currently, the open interest in SUI futures stands at around $1.18 billion, indicating declining trader confidence. The key support level at this moment is $2.30, and a breach of this level could lead to further losses.
The SUI token continues to face pressure and is confronted with various factors impacting its price. For now, investors are closely monitoring key support levels and changes in market dynamics.
