The native token of the Layer-1 blockchain Sui (SUI) has been trading sideways in recent weeks, leaving investors questioning whether a rebound is imminent or if the downtrend will persist into July.
Current SUI Price Performance
- Current Price: $2.71 (at time of writing)
- 24-Hour Change: +1.4%
- 30-Day Decline: -15.5%
- Drop from Monthly Peak ($3.50): -22.9%
- Distance from All-Time High ($5.20): -48.1%
SUI's struggle to regain bullish momentum follows a steep decline from its earlier yearly highs. Despite minor gains, the token remains under significant selling pressure.
Key Factors Influencing SUI’s Decline
1. Technical Weakness
- Downtrend persists below the 50-day moving average.
- Price action forming a descending channel, indicating bearish momentum.
👉 Track SUI’s live price movements here
2. Market-Wide Crypto Cool-Off
- Broader crypto market stagnation following geopolitical tensions (Iran-Israel conflict).
- Major assets attempting to stabilize post-sell-off.
3. Token Unlocks & Supply Overhang
- July 1 Unlock: 44M SUI (~$120M) released into circulation.
- Monthly Unlocks: 55M+ SUI added through 2030, increasing sell pressure.
- Circulating Supply: 3.45B (34.5% of total 10B supply).
- Locked Tokens: Over 5.2B still restricted.
4. Declining Futures Market Activity
- Open Interest: $1.18B (down from May’s $2B peak).
- Indicates weakening trader confidence.
Critical Support Levels & Future Outlook
- Key Support: $2.30 – A break below may accelerate losses.
- Recovery Scenario: Requires broader crypto market sentiment shift.
FAQs
❓ Why is SUI dropping?
SUI’s decline stems from technical breakdowns, token unlocks increasing supply, and weak derivatives market activity.
❓ What is Sui’s maximum token supply?
The total SUI supply is capped at 10 billion tokens, with ~34.5% currently circulating.
❓ What’s the next major support level for SUI?
Traders are watching $2.30 as a crucial support zone.
👉 Stay updated on SUI market trends
❓ How do token unlocks affect SUI’s price?
Monthly unlocks introduce sell pressure, often leading to sustained downward momentum.
Final Thoughts
SUI faces a challenging path ahead with persistent bearish signals. While a broader crypto recovery could aid a rebound, the token’s technical structure and supply dynamics suggest caution for traders.
Key Takeaways:
- Monitor $2.30 support for potential breakdown.
- Watch for shifts in crypto market sentiment.
- Stay informed on upcoming token unlocks.