The SUI price is sliding again, and today’s drop didn’t come out of nowhere. The token has been under steady pressure for weeks, but a mix of fresh token unlocks, technical weakness, and a shaky altcoin market has pushed SUI right back to one of its most important support levels.
The SUI chart shows the price hovering just above that line, and traders are now watching closely to see if it can hold.
Token Unlock Pressure Sparks Fresh Selling
The biggest driver behind the latest move was the December 1 token unlock. More than 68 million SUI, worth roughly $68 million entered circulation in one day, increasing supply by about 1.19%.
Unlocks like this often trigger volatility, because early investors and team wallets sometimes take the chance to sell.
That seems to be what happened here. The price drop lined up almost perfectly with the unlock, and considering the SUI price was already down more than 60% over the last two months, the added supply only made the selling pressure worse.
There’s also another unlock coming soon, this time for LINEA on December 10, and even though it doesn’t involve SUI directly, it’s enough to make altcoin traders nervous about dilution across the market.
SUI’s Technical Breakdown Adds to the Pressure
The SUI chart isn’t adding much support right now. The SUI price has already slipped below the 7-day SMA at $1.53 and even dropped under the 200-day EMA at $2.88, leaving it sitting just above the key $1.32 support.
The RSI is down near 33, so it’s technically oversold, but buyers still aren’t showing much interest.
If the SUI price loses $1.32, it could trigger more automated selling and pull the price closer to the $1.00 zone, especially if Bitcoin stays weak. To turn things around, SUI really needs to reclaim $1.53; without that, momentum will stay soft.
Altcoin Liquidations Aren’t Helping
The broader market has also been rough. Bitcoin saw more than $194 million in liquidations in 24 hours, with XRP taking a hit too. When that happens, high-beta altcoins like SUI tend to drop harder, and they did.
Bitcoin slipped around 7%, but SUI fell more than 13%, showing how sensitive it is to risk-off moves.
Derivatives data shows open interest dropping as well, which means traders are closing positions and avoiding leverage. Whenever open interest flushes like this, altcoins usually have a harder time finding support.
What’s Next for SUI?
SUI’s latest drop comes from a combination of supply pressure, technical breakdowns, and a market that’s shifting back toward Bitcoin.
The key question now is whether SUI can defend $1.32. If it holds, the SUI price might stabilize. If it doesn’t, the token could easily revisit $1.00 next.
With the U.S. CPI data coming up on December 5, the market could see even more volatility, and SUI will be right in the middle of it.