On April 1, a significant event for SUI tokens is set to take place: the release of 64.19 million tokens valued at approximately $148.29 million. This could trigger selling and impact the SUI value.
Token Unlock and Its Implications
According to Tokenimist data, this unlock represents 2.03% of Sui’s circulating supply, currently at 3.17 billion SUI. However, only 31.7% of the whole 10 billion supply has been unlocked, indicating more emissions might follow.
State of Sui's DeFi Ecosystem
There has been substantial movement in Sui’s decentralized finance ecosystem. Monthly decentralized exchange trading volume reached $5 billion, and the stablecoin market capitalization nearly doubled from $370 million in December to $628 million as of Mar. 31. However, the total value locked is decreasing: from a peak of $2.08 billion in January to $1.2 billion, as per DefiLlama data.
Technical Analysis and Forecasts
SUI is currently priced at $2.32, aligned with the 20-day simple moving average, with resistance at $2.37. The next significant resistance levels are $2.64 and $2.78. The closest support level is $2.23. Technical analysis indicates neutral to slightly bearish momentum. The Relative Strength Index at 44.5 shows weak buying interest, while the MACD remains negative, suggesting ongoing sell pressure.
The imminent token unlock may lead to short-term volatility. Positive developments in the ecosystem might support the price if buying interest outweighs selling pressure, potentially testing the $2.64 level in the coming weeks.
