Analyzing SUI’s trends as it prepares for massive unlock

• Close to 2 million SUI will be unlocked in October.
• SUI could see a price correction soon, as it trended in the oversold zone.

Sui [SUI] is on the brink of a major unlocking event, which may influence its prices. However, what are the current trends of the network and the token?

Read Sui’s [SUI] Price Prediction 2023-24

Sui sees decent network volume

Based on data from DefiLlama, the Sui network has experienced notable trading activity. At the time of this report, the recorded trading volume stood at approximately $2.3 million.

This volume represented a significant increase compared to the volume observed nearly a week ago, indicating a noticeable uptick in trading activity.

For context, the volume recorded on 7 September was approximately $1.4 million, making the press time volume nearly double that figure.

Source: DefiLlama

Furthermore, it is worth noting that the Total Value Locked (TVL) on the network exhibited an upward trend starting in June. This trend continued until early September when a slight decline became apparent.

As of this writing, the TVL was approximately $24 million, reflecting the latest state of assets locked within the network.

Analyzing SUI’s trade volume

Based on the volume trend data from Santiment, Sui’s token hasn’t experienced any significant spikes in trading activity recently. However, there was a minor downturn in trading volume around 9 September, followed by a slight uptick starting from 10 September.

At the time of this report, the trading volume had reached nearly $88 million. Although there was a substantial increase from the approximately $42 million recorded on 10 September, there has been a slight decrease in volume since then. 

Source: Santiment

Additionally, CoinMarketCap reported a decline of over 5% in volume over the last 24 hours. 

Sui’s upcoming unlock

As reported in a recent update by Token Unlocks, a significant SUI token unlock has emerged as a potential influencer of the token’s trajectory.

Data provided by Token Unlocks indicated that in October, there was an impending unlock of over 1.9 million tokens, with a total value exceeding $800,000.

Furthermore, Token Unlocks’ analysis suggested that the price movement of SUI, particularly to Bitcoin [BTC], is likely to exhibit distinct patterns before and after this unlock.

How much are 1,10,100 SUIs worth today?

Current price trend

Examining the daily timeframe chart of SUI showed that the token had experienced an uptrend on only five occasions since the beginning of September, albeit with minimal gains. Also, SUI suffered a decline of more than 12% over the past four days.

As of this writing, it was trading at approximately $0.42, reflecting a decline of over 0.6%. Additionally, the Relative Strength Index (RSI) was below 30, indicating that the token was in an oversold condition, which often suggests the potential for a price correction.

Source: TradingView