Sui, the native token for the SUI network, dropped 3.3% over the last 24 hours and slipped from $ 3.32 to $ 3.21 as dealers hit the sales button.
The token broke through its $ 3.26 support late in the session, a step that confirmed downward momentum and brought the asset closer to the psychological threshold of $ 3.20, found Coindesk Research’s technical analysis model.
The move came when the wider crypto market, measured by the Coindesk 20 index, fell approx. 2% over the last 24 hours.
Volumendata emphasized the selling conviction. Transactions rose well over the daily average of 6.9 million on two occasions, suggesting coordinated outputs of large holders.
The pressure comes as Sui Corporation begins a $ 143.9 million token -lock up and releases 44 million tokens between September 29 and October 6. This is one of the largest planned distributions in a week that will see more than $ 773 million worth of cryptocurrency -vesting events. Similar unlocking from projects such as Ethena ($ 126.8 million), Eigen ($ 68.6 million) and Optimism ($ 21.3 million) weighs on mood across the sector.
For dealers, the concern is two -part: technical weakness and fresh supply. Even if demand remains flat, the extra supply of press prices can be lower, forcing difficult allocation decisions.
With Altcoin’s widely under pressure, the next test for SUI will be whether buyers defend the $ 3.20 level or allow longer disadvantage when the locking cycle continues.
