SUI Is Set to Unlock About $278.96 Million Worth This Week

The price of SUI is set to unlock about $278.96 million this week following a major price surge, potentially creating selling pressure.

On Tuesday, April 25, the price of Sui saw an increase of 23%, reaching $3.67. In the past few weeks, the price of Sui has risen by more than 73%.

The gains in price performance are driven by constant investor confidence after the launch of the Grayscale SUI Trust and Sui’s partnership with xPortal and xMoney to release a virtual Mastercard across Europe.

On the 1st of May, around 74 million Sui tokens, which is also 2.28% of the total circulating supply, are set to be unlocked, according to Tokenomist data. This upcoming release adds new selling pressure at a time when demand has been rising.

To date, only 33% of the total SUI supply has been unlocked, which is 3.25 billion, while 1.53 billion tokens are locked and 5.22 billion are TBD-locked.

Sui’s Growing DeFi Momentum Amid Token Unlocks

Sui’s on-chain fundamentals have significantly improved, with the total value locked (TVL) on its protocols rising up to 40% since April and now reaching $1.73 billion, according to DeFiLlama data.

The network has also outperformed other top-layer networks in TVL growth across daily, weekly, and monthly periods.

The stablecoin market cap on the SUI network has simultaneously increased from $630 million to $880 million during the same period, with the DEX volume reaching 500 million.

Over the last week, the network handled over $3.6 billion in trading, bringing its monthly volume to over $11 billion.

While some traders may take profits and be bearish with the upcoming token unlock, others believe the strong DeFi metrics the Sui network presents can absorb the new supply without facing a downturn.