SUI, the native token of the Sui network, fell 3.3% over the past 24 hours, slipping from $3.32 to $3.21 as traders hit the sell button.
The token broke through its $3.26 support late in the session, a move that confirmed downward momentum and brought the asset closer to the $3.20 psychological threshold, CoinDesk Research’s technical analysis model found.
The move came as the broader crypto market, measured by the CoinDesk 20 Index, fell about 2% over the past 24 hours.
Volume data underscored the selling conviction. Transactions spiked well above the daily average of 6.9 million on two occasions, suggesting coordinated exits by large holders.
The pressure comes as SUI Corporation begins a $143.9 million token unlock, releasing 44 million tokens between Sept. 29 and Oct. 6. This is one of the largest scheduled distributions in a week, which will see more than $773 million worth of cryptocurrency vesting events. Similar unlocks from projects like Ethena ($126.8 million), Eigen ($68.6 million), and Optimism ($21.3 million) are weighing on sentiment across the sector.
For traders, the concern is twofold: technical weakness and fresh supply. Even if demand stays flat, the extra supply can pressure prices lower, forcing difficult allocation decisions.
With altcoins broadly under pressure, the next test for SUI will be whether buyers defend the $3.20 level or allow further downside as the unlock cycle continues.