SUI TOKEN ANALYSIS TODAY
As of September 29, 2024, the SUI token is on a tear, soaring over 100% in the past month. Currently priced at around $1.63, SUI has maintained its bullish trajectory despite supply pressures, such as the upcoming token unlock on October 1.
This unlock will release approximately 64.19 million SUI tokens ($106.5 million), representing 2.4% of the circulating supply. The previous token unlocks in September did not negatively impact its price; in fact, the token has doubled in value since then. Several factors have contributed to SUI’s price surge, including Grayscale’s launch of the SUI Trust, which has spurred institutional interest. Additionally, SUI’s total value locked (TVL) has increased by 40%, now reaching $900 million, further signaling its growing ecosystem.
However, there is still a potential risk of selling pressure following the token unlock, which market participants are closely watching. Despite this, many believe the token will continue to grow, potentially challenging its previous all-time high of $2.20
##moonbix #CATIonBinance #NeiroOnBinance U.S.PCIUp 0.1%
