According to data from crypto.news, the Sui token has slipped 5% over the past 24 hours, trading at $3.34 at the time of writing. The asset has been under consistent selling pressure in recent weeks, down roughly 19.7% from its August peak of $4.16.
Much of this weakness stems from large-scale token unlocks. On Aug. 1 and Sep. 1, approximately 44 million SUI tokens were released on each occasion, worth about $159 million and $143 million, respectively. The sudden influx of supply weighed on sentiment, with open interest falling 30% since late July and funding rates dropping from 0.0615% in July to 0.0099%, per Coinglass data.
Despite the pressure, several recent developments could help set the stage for a recovery.
- Strategic accumulation: SUI Group Holdings, a publicly traded company focused on acquiring and managing SUI tokens, recently added 20 million SUI to its treasury. This brings its total holdings to 101.8 million SUI, valued at over $344 million at current prices. By removing tokens from circulation, the company’s accumulation strategy could create scarcity that supports price appreciation.
- DeFi growth: According to DeFiLlama, the total value locked (TVL) on the SUI blockchain has risen to $3.5 billion, up from $3 billion just two months ago, reflecting steady momentum in its decentralized finance ecosystem.
- Partnerships: The SUI team has also announced a collaboration with TRM Labs, a blockchain analytics and compliance firm. The integration of advanced risk and compliance tools could bolster network security, attracting more institutional and retail participation.
SUI Price Analysis
On the weekly chart, SUI has been consolidating within an ascending triangle pattern since the start of the year. The structure, characterized by a flat resistance level and a rising support trendline, suggests growing price pressure that could eventually resolve with a breakout.
At press time, SUI is hovering near the lower trendline at $3.10, a key support level. A rebound from this area could provide the momentum for a push toward $4.30, which aligns with the pattern’s upper boundary.
A strong breakout above that resistance could pave the way for a rally toward $6.89 — the technical target derived from the pattern’s height — marking an upside potential of nearly 106% from current levels.
On the flip side, if selling pressure deepens and SUI falls below the lower trendline, the price could retreat to the next major support around $2.31.
