SUI is approaching a scheduled increase in its circulating supply this month, and the token's price is already trading below key moving averages. The digital asset is now testing support near $0.676, a level that could determine its near-term direction.
What the August unlock means
The upcoming token unlock will add more SUI tokens to the market, increasing the total circulating supply. Token unlocks often create selling pressure as early investors or project team members gain access to previously locked tokens. The exact date and amount of the August unlock have not been disclosed by the project team, but the event is expected within weeks.
Price below moving averages
SUI's price has fallen below several key moving averages, a technical signal that often indicates bearish momentum. The token is currently trading near the $0.676 support level. If that level breaks, the next support zone could be lower. If it holds, a short-term bounce may follow.
What traders are watching
Market participants are watching whether the unlock will trigger additional selling or if buyers will step in to absorb the new supply. The broader crypto market's direction will also play a role. SUI has been under pressure in recent weeks, and the unlock adds another variable to an already uncertain outlook.
The key question now is whether the $0.676 support will hold until the unlock event. If it does, the token might stabilize. If it doesn't, the next floor could be significantly lower.
