A significant unlocking of $265 million in SUI tokens is scheduled for this week, attracting the attention of traders and potentially affecting the market.
Details of SUI Token Unlocking
On May 1, approximately 74 million Sui (SUI) tokens, or 2.28% of the circulating supply, will be unlocked, adding selling pressure at a time of increasing demand.
Analysis of the Current Market Situation
Since the beginning of April, the total value locked in Sui-based protocols has increased by 40% to $1.73 billion. The stablecoin market cap on the network has also risen from $630 million to $880 million.
Prospects for SUI After the Token Unlocking
SUI is currently trading around $3.62 following a strong breakout above the $3.30 resistance level. Some analysts believe that if the price remains above $3.60, SUI could attempt to reach the psychological level of $4.00.
The upcoming unlocking of SUI tokens may create significant selling pressure, but growing DeFi metrics could help the network absorb the new supply.
