SUI is trading at $ 3.85 at the press time after receiving 38% in the last one month, but a token token token unlock unlock unlock counting benefits.
Summary
- Needle
- On August 1, a $ 128m token unlock adds short-ram selling pressure.
- Technical indicators show neutral speed as the price is integrated around the major moving average.
An increase in the price of on-chain activity and solid fundamental helipad Sustain needle (SUI) increases this month. At the time of writing, the total value of the network was locked $ 2.2 billion, above $ 1.7 billion in early July, according to the data from Difilema.
Similarly, the monthly decentralized exchange trading volume was almost doubled, climbing from $ 8.1 billion in June to $ 14.3 billion in July. Adopting Stablecoins on SUI is also investing. The market capitalization of StableCoins is recently at the top of $ 1 billion, indicating increasing confidence in the decentralized finance ecosystem of the series.
Sui token unlock can transfer abbreviation
Despite this speed, the attention has moved to the upcoming token unlock. Data of token unlock suggests that 44 million needle tokens worth about $ 128 million will be released in the UTC on 1 August.
It represents about 1.27% of the circulating supply. Currently, only 35% of the total supply is unlocked. While the percentage may sound small, the additional supply may make some holders to take profits, find an increase in a fast price.
The trading volume declines by a slight recession in market activity up to 1.54 billion dollars compared to the previous day. According to the derivative data of the coatinglass, the futures volume increased by 2.2% to an open interest by 1.3%. This shows that traders are becoming more cautious in run-ups for unlock.
Needle technical analysis
The SuI appears to enter the period of consolidation. With a neutral relative power index of approximately 54, there is no strong purchase or sale. Other Momentum indicators such as stochastic oscillator and commodity channel index are also in the neutral region, which reflect uncertainty.
The SuI currently hovering just below the 10-day and 20-day moving averages, which both serve as short-term resistance. The 10-day EMA is at $ 3.88, which is at 20-day SMA $ 3.87. The possibility of revival of recent high levels can arise if bulls can break above these levels and re -achieve a $ 4.00 mark with volume.
However, MACD has flipped the recession and the factm is slightly negative. If the prime slips below $ 3.75, the strong support near $ 3.50 LES, which aligns with a rented 7-day lower end. Another decline can be triggered by a break below $ 3.30.
