SUI's price has experienced a notable decline today, driven by a combination of market dynamics and investor sentiment. The recent announcement of an upcoming unlock of 64,190,000 SUI tokens on January 1st has likely contributed to the downward pressure, as investors anticipate an increase in supply that could dilute the value of existing tokens. This unlock represents approximately 2.19% of the currently circulating supply, which may have prompted some holders to sell in anticipation of potential price adjustments.
Additionally, the broader market sentiment appears to be cautious, with SUI experiencing a long liquidation of $1,395 at $4.7241, indicating that long positions were forced to close, adding to the selling pressure. The formation of a double top pattern, as noted in recent analysis, suggests a bearish outlook, with the price pulling back from recent highs. Analysts have pointed out that if SUI fails to hold above key support levels, it could lead to further declines.
The current price of SUI is $4.397156, reflecting a 7.59% decrease today. The cryptocurrency reached a high of $4.836128 and a low of $4.388368 during the day.