The SUI token has faced a loss in position, dropping 4.6% in the last day. This is associated with risks of further decline due to upcoming token unlocks.
SUI Price Dynamics
According to crypto.news, the SUI token is currently trading at $3.67, which is 16.3% lower than its peak in July when it was priced at $4.30, and 32% lower than its all-time high of $5.30.
Factors Pressuring SUI
Recent market fluctuations and a general downturn in the cryptocurrency market, including overdue token unlocks, are negatively impacting SUI. Specifically, on August 1, the largest token unlock in history occurred, releasing $162 million worth, constituting approximately 1.3% of the total token supply.
Future of SUI and Institutional Investments
Despite the pressure from rising supply and overall pessimism in the market, there is an increase in institutional activity, including strategic investments from Nasdaq-listed Mill City Capital, amounting to around $316 million. However, the upcoming daily token unlocks may hinder SUI's recovery.
SUI faces a series of challenges, including pressures from capital increases and a general decline in market sentiment. Nonetheless, the presence of institutional investments and buyer activity may create conditions for recovery.
