Sui (SUI) price, a layer 1 blockchain, has experienced significant fluctuations in its value during the last 24 hours. The volatility comes after a week-long downturn that caused the SUI price to struggle to find footing.
As part of a broader trend, most crypto markets today are trading sideways, with BTC lingering just below the $60,000 mark. Meanwhile, Sui continues to move within a narrow range as investors anticipate an upcoming token unlock event, sparking cautious trading behaviors.
Sui Price Fluctuates Ahead of Upcoming Token Unlock Event
As reported by TokenUnlocks, an upcoming token unlock event is set to occur at 12:00 AM UTC on September 1, 2024. This event will release 64.19 million SUI tokens into the circulating supply, representing 2.47% of the current total.
The estimated value of these tokens at the time of unlock is approximately $54.57 million. Currently, 26% of the total token supply has been released, with the current unlocked amount totaling 2.60 billion SUI.
However, a significant portion of the supply, amounting to 5.22 billion SUI or 52.17%, remains locked under the “TBD locked” category. The total locked tokens account for 21% of the overall supply. This unlock event follows a previous release on August 1, 2024, which saw 64.19 million SUI tokens, valued at $45.41 million, added to the circulating supply.
Over the past 24-hours, the Layer 1 token has experienced slight fluctuations in the cryptocurrency market. At the time of reporting, the SUI price hovered at $0.8279, with a slight decrease of 0.39%. The day’s trading range showed the token’s price moving between a low of $0.7648 and a high of $0.8495, indicating a relatively volatile session.
Sui’s Total Value Locked Exceeds $608 Million
According to DeFiLlama, the Sui price has achieved a significant milestone. Its Total Value Locked (TVL) has surpassed $608 million, highlighting Sui’s growing impact in the decentralized finance (DeFi) sector.
The platform is known for its scalable infrastructure and user-friendly features, and it continues to attract significant investment and participation. DeFiLlama’s data shows a strong upward trend in Sui’s TVL. This reflects increasing confidence and liquidity within the Sui ecosystem.
Source- Defilema
If the bearish sentiment persists, the Sui price may stabilize at $0.8 initially. If the downward trend strengthens, it could further decline to $0.7. Following the token unlock events, Sui’s value is at risk of dropping to $0.6.
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