Sui (SUI) kicked off June with a scheduled token unlock, releasing 44 million tokens—2% of its total supply—into the market. While this was anticipated, the timing couldn’t be more delicate, as the broader technical backdrop remains fragile.
Pay attention here.
— Crypto Rand (@crypto_rand) June 2, 2025
Some major unlocks happening in June 👀$SUI still holding well with todays unlock. 💪 pic.twitter.com/KpbgHpu1Ie
Price Struggles Despite Broader Market Strength
SUI reached a local high of $4.15 in early May after spending four months stuck below that level. However, the relief rally was short-lived. Since then, the token has plunged by nearly 21%, underperforming even as Bitcoin [BTC] soared to fresh all-time highs. What’s more concerning is the failure of bulls to defend critical support levels—three bounce attempts have been met with rejection, reinforcing a bearish market structure.
The recent token unlock has only added to the uncertainty. With SUI hovering dangerously close to the $3 mark, the additional supply could push it lower—unless demand rises to absorb the influx.
Divergence Between Spot and Futures Markets
Interestingly, on-chain indicators suggest a growing disconnect between spot and derivatives traders. Data from CryptoQuant shows that SUI’s 90-day Spot Taker Cumulative Volume Delta (CVD) has flipped green for the first time since January’s “Trump Pump,” signaling renewed spot buying interest. This hints at a possible accumulation phase by long-term holders.
In contrast, the Futures Taker CVD remains firmly in red territory, reflecting strong short-selling pressure. This divergence typically signals a bullish reversal setup, where accumulating spot buyers and aggressive futures shorts could trigger a short squeeze if momentum shifts.
Can SUI Reclaim Higher Ground?
Despite the price drawdown and market headwinds, the 44 million token unlock appears to have rekindled bid-side interest. Should spot demand continue to grow, SUI may attempt a recovery toward the $3.50 resistance level. A successful breach could open the door for a retest of $4 in the near term.
Still, without sustained demand, the risk of a deeper retracement lingers. With technical support looking fragile, all eyes are on the bulls to see if they can flip the narrative before bears push SUI into further decline.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
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