SU, the native token of the SUP network, dropped by 3.3% in the last 24 hours, going from $ 3.32 to $ 3.21 when the traders pressed the sales button.
The token broke out its support of $ 3.26 at the end of the session, a decision that confirmed the momentum and brought the assets of the psychological threshold of $ 3.20, found the Technical Analysis model of Coindesk Research.
This decision came while the larger cryptography market, measured by the Coindesk 20 index, has dropped by around 2% in the past 24 hours.
The volume data highlighted the sales conviction. Transactions have increased well above the daily average of 6.9 million twice, suggesting outings coordinated by major holders.
The pressure occurs while Suit Corporation begins a unlocking of chips of $ 143.9 million, releasing 44 million tokens between September 29 and October 6. This is one of the largest distributions scheduled in a week, which will see more than $ 773 million in cryptocurrency acquisition events. Similar unlocking of projects like Ethena ($ 126.8 million), Eigen ($ 68.6 million) and optimism ($ 21.3 million) weigh on feeling in the sector.
For merchants, the concern is twofold: technical weakness and fresh supply. Even if the demand remains stable, the additional supply can lower prices, forcing difficult allowance decisions.
With altcoins largely under pressure, the next test will be to know if buyers defend the level of $ 3.20 or allow the unlock cycle more.
