The SUI cryptocurrency, native token of the Sui blockchain network, dropped 3.3% in 24-hour trading, declining from $3.32 to $3.21 as investors initiated selling pressure.
Technical analysis confirmed SUI broke below its $3.26 support level, establishing bearish momentum and approaching the crucial $3.20 psychological threshold according to CoinDesk Research models.
The decline occurred alongside broader cryptocurrency market weakness, with the CoinDesk 20 Index falling approximately 2% over the same period.
Trading volume data revealed significant selling pressure, with transactions spiking substantially above the daily average of 6.9 million on multiple occasions, indicating coordinated exits by major holders.
The selling pressure coincides with SUI Corporation's $143.9 million token unlock event, distributing 44 million tokens between September 29 and October 6. This represents one of the largest scheduled distributions in a week featuring over $773 million in cryptocurrency vesting events. Additional unlocks from projects including Ethena ($126.8 million), Eigen ($68.6 million), and Optimism ($21.3 million) are creating negative sentiment across the sector.
Traders face dual concerns: technical weakness combined with increased token supply. Even with stable demand, the additional circulating supply creates downward price pressure, forcing challenging portfolio allocation decisions.
With altcoins experiencing broad market pressure, the critical test for SUI will be whether buyers can defend the $3.20 support level or permit further declines as the unlock cycle progresses.