SUI Token Plunges 3% Amid $144M Unlock: Market Reacts to Massive Token Release

SUI Token Plunges 3% Amid $144M Unlock The Sui token (SUI) has declined by 3% over the past 24 hours, slipping from $3.32 to $3.21 as a massive token unlock event weighed on investor sentiment. Timeline of Events: A total of 143.9 million SUI tokens were unlocked, releasing 44 million tokens into circulation this week. This move has added downward pressure on the asset's price. Furthermore, over 773 million in scheduled token unlocks across various projects are contributing to a broader decline in altcoin sentiment. Immediate Impact: The 3% drop in SUI's value has broken its support level at $3.26, pushing it closer to the psychologically significant threshold of $3.20. This development has sparked concerns among traders and investors about the token's future prospects. Background Context: Sui is a layer-1 blockchain network that aims to provide high-performance and scalability for decentralized applications (dApps). The project has been gaining traction in recent months, but this latest price drop may raise questions about its long-term viability. What Happens Next: As the market continues to digest the implications of this token unlock event, investors will be closely watching SUI's price action. If the token fails to recover and break above $3.26, it could lead to further selling pressure and a deeper decline in value. Conversely, if SUI manages to stabilize and regain its support level, it may indicate a more positive outlook for the project. *This story is developing. Information compiled from Coindesk reporting.*