SUI Coin
Sui’s position among the most popular cryptocurrencies today comes as no surprise to market watchers as it has been one of the top performers among altcoins in recent months. However, the main reason for the current surge in interest in SUI is the upcoming token unlock, where over $100 million worth of SUI tokens will enter circulation.
Token opening events often drive volatility as they can significantly impact the dynamics of token supply. Increased trading can put pressure on the price if holders choose to sell, but increased interest can also drive demand as traders anticipate potential price volatility.
Also, if the demand is less than the supply at that time, the price is likely to drop. Currently, the price of SUI is $1.73 after a 17% drop in the past seven days. On the daily chart, the altcoin has formed a head and shoulders pattern, which is a bullish to bearish pattern.
