Sui (SUI) has declined 8.76% over the past week and 1.43% in the last 24 hours, contrasting with Bitcoin’s 0.5% daily gain. According to Coinalyze data, the spot cumulative volume delta (CVD) and Open Interest have declined as prices fell from $0.72, though the funding rate remained positive. A token unlock of 13.72 million SUI tokens worth $9.76 million is scheduled for August 1, adding to the 22.76 million tokens already released over the past 30 days. The long-term chart structure remains bearish following a drop from $1.42 to $0.65 in May and early June. The asset has been consolidating between $0.70 and $0.77 over the past two months.
Sui (SUI) has experienced a significant price decline, dropping 8.76% over the past week while Bitcoin gained 0.5% in the same period. The altcoin also slid 1.43% in the past 24 hours.
Data from Coinalyze showed that the spot cumulative volume delta (CVD) for SUI has been in decline over the past two days. The Open Interest also slid lower as prices fell from $0.72, but the funding rate remained positive.
“It showed that market sentiment in the short-term was bearish, but aggressive short selling has not yet commenced,” according to the analysis. Negative funding rates and rising Open Interest could lead to a price bounce and a short squeeze.
A token unlock of 13.72 million SUI tokens, worth $9.76 million, is scheduled for August 1. Over the past 30 days, 22.76 million tokens have already been released across four events.
Unlocks signal supply pressure and potential short-term selling as tokens become available to early contributors. Only 40.6% of the vesting schedule is complete, indicating more unlocks will occur in the future.
The 1-day swing structure of SUI remains firmly bearish. The latest impulse move downward from $1.42 to $0.65 in May and early June set the stage for a potential bounce into the Fibonacci golden pocket between $1.12 and $1.25.
Over the past two months, the altcoin has been in a consolidation phase, resulting in a range formation between $0.70 and $0.77. At the time of writing, SUI was trading almost exactly at the range lows.
A liquidity sweep toward $0.69 has occurred in recent hours. Another such sweep is possible in the coming days if SUI does not react bullishly soon.
According to TradingView data, swing traders can look to buy, targeting the range highs around $0.775. Invalidation of the range formation would occur upon an H4 session close below $0.692.
“The Sui token unlocks and long-term bearish trend is testing investors’ conviction,” the summary noted. “As things stand, swing traders have a chance to buy, anticipating a 10% rally, but a breakout past $1.42 is needed to flip the long-term trend bullishly.”
