The native token of the Layer-1 Blockchain Sui has exchanged sideways in recent weeks, as a result of which questions are asked about whether it will reflect whether his losses will extend until July.
Sui (sui) traded around $ 2.71 and has trouble regaining Bullish Momentum since he had been dropped off from his highlights earlier this year. Despite the recording of a modest increase of 1.4% in the last 24 hours, Sui will remain under pressure, and 15.5% falls in the last 30 days, about 22.9% compared to the peak of this month of $ 3.50 and 48.1% below the all time high from $ 5.20.
The decline of Sui seems to be powered by a mix of technical and supply-side factors. The token has been in a downward trend for most of the month, under its 50-day advancing average and forms a falling channel.
The weakness also comes in the midst of a broader Cooldown in the cryptomarkt, because various large assets try to stabilize after the recent geopolitical tensions of Iran-Israel that caused a sharp sale.
Adding to the pressure is the last token deprivation of Sui Foundation, in which 44 million SUI tokens, worth around $ 120 million, enters a circulation on 1 July. The unlock is part of a long -term schedule that adds more than 55 million tokens to 2030 every month, creating a recurring stock overhang.
The circulating supply from Sui is now 3.45 billion, around 34.5% of the total stock of 10 billion, with more than 5.2 billion tokens.
Adding to the bearish Toon is a decrease in open interest in Sui Futures, which indicates a falling conviction of the trader. Currently open interest Sits With around $ 1.18 billion, against a peak of May above $ 2 billion. This fading activity in derivatives trading points to fade confidence among market participants.
For the time being the risk remains and traders are now $ 2.30 as important support. A decisive movement below this level can further deepen the losses, unless sentiment about the broader crypto market shifts.
