$SUI
100 Million SUI Tokens Unlocked Could Spark a Sharper-than-Expected Rally
The Sui (SUI) blockchain is preparing to unlock 64 million SUI tokens on October 1, representing 2.40% of the total circulating supply. As the crypto community eagerly awaits the launch of these tokens, SUI is seeing a surge in investor interest.
While token unlocks typically cause significant volatility and sometimes price drops, this analysis highlights why SUI’s price is unlikely to experience a significant drop and the rationale for predicting a much higher value after the event.
Sui Network Set to Launch 64 Million Tokens, Trading Volume Jumps
SUI’s price has surged 115% in the past 30 days, largely due to Grayscale’s decision to launch the SUI Fund. Additionally, the project’s total value locked (TVL) has reached a new all-time high, indicating increased confidence in the altcoin’s potential.
Meanwhile, on Tuesday, October 1, 64.19 million tokens will be released, worth over $100 million. Token release is the process by which previously locked coins are released into circulation.
Most of the time, this supply shock comes with high volatility. However, on the daily chart, the Bulls and Bears Power (BBP) indicator, which measures the strength of buyers and sellers, reveals that bulls are in control of the market.