SUI token experienced a significant 44 million token unlock at the start of June, representing approximately 2% of its total supply. Despite Bitcoin reaching new all-time highs recently, SUI’s price has declined nearly 21% since its early May peak of $4.15. Attempts by bulls to establish support have failed multiple times, indicating strong bearish control.
The token unlock introduces two potential scenarios: a short squeeze fueled by renewed buying pressure or a further price drop if demand does not materialize. On-chain data reveals a bullish divergence; the 90-day Spot Taker CVD has turned green, signaling increasing spot market accumulation. Meanwhile, the Futures Taker CVD remains negative, showing sustained selling pressure from short positions.
If buying demand sustains, SUI may test resistance near $3.50 and potentially rally towards $4. However, a slip below the critical $3 support level is possible if bearish momentum prevails.
Earlier on the same day, SUI demonstrated notable volatility with a 5.2% price range, briefly surging from $3.27 to $3.39 before retracing some gains. This movement followed a breakout from a consolidation phase, with new support forming around $3.29-$3.30, a level that previously acted as resistance. Market uncertainties driven by geopolitical tensions and trade disputes have contributed to the overall volatility affecting SUI and broader crypto markets.
Furthermore, Sui Network’s ongoing technological advancements focusing on scalability and Web3 integration continue to underline its unique position within the blockchain ecosystem, potentially attracting renewed investor interest.