Sui’s recovery remains under pressure as scheduled token releases continue to increase circulating supply. While token unlocks are part of the project’s vesting plan, they can affect market attention when prices remain well below earlier highs because newly liquid tokens may add to available supply if recipients choose to sell.

In that context, another 13.72 million Sui [SUI], valued at $9.76 million, is set to unlock on August 1. The upcoming release follows 22.6 million tokens that entered circulation across four unlock events during the past 30 days.

Early contributors are scheduled to receive 7.65 million SUI. The community reserve and the Mysten Labs treasury are set to unlock 4 million SUI and 2.07 million SUI, respectively. The project has completed 40.6% of its vesting schedule, meaning additional releases remain ahead and unlock timing remains relevant for traders tracking circulating supply.

$0.70 support remains central after recent pullback

Although the upcoming unlock points to potential supply pressure, SUI’s price action has not shown broad panic. The token has continued to consolidate following its recent recovery attempt, suggesting the market is still awaiting a clearer direction.

SUI rebounded from the $0.70 support zone to a local high near $0.7875 by July 21 before pulling back to $0.7183. Despite that retracement, the token traded near $0.7193 at press time, recording a 1.7% daily gain.

The recent decline also unfolded gradually rather than through sharp selling. That pattern suggests buyers have continued to defend key price levels. The relative strength index, or RSI, cooled to 43.59 after approaching 60, showing weaker momentum without indicating capitulation.

Similarly, the MACD histogram flattened, while the MACD and signal lines continued to converge instead of forming a decisive bearish crossover. As a result, $0.70 remains the key support level for the current structure.

Holding that level would preserve the broader recovery setup despite softer momentum. A move below $0.70 could expose $0.6492, while reclaiming $0.7875 would indicate that buyers are regaining control after the consolidation phase.

Derivatives data shows cautious positioning

While recent unlocks have expanded SUI’s circulating supply, spot trading volume has declined to 47.7 million, marking one of its lowest readings over the past year. Lower spot activity can make reactions around scheduled supply events more sensitive to changes in demand.

The decline suggests that selling pressure has eased even as additional supply enters circulation. Exchange inflows and reserves have also remained relatively stable, indicating that most newly released tokens are currently being held off exchanges. That distinction matters because tokens moving onto exchanges are more immediately available for trading, while off-exchange holdings do not automatically translate into sell pressure.

Meanwhile, open interest near $495 million and neutral funding rates point to balanced positioning in derivatives markets. Funding rates are closely watched because strongly positive or negative readings can show whether leveraged traders are leaning heavily long or short. In SUI’s case, neutral funding supports the view that positioning remains cautious rather than one-sided.

Sustained positive spot CVD could help defend the $0.70 level and support another move toward $0.7875, while weaker demand would raise downside risks. Sui is therefore facing another round of token supply, with $0.70 still acting as the main support level for its recovery attempt. Stronger spot demand would be needed for SUI to reclaim $0.7875, while balanced derivatives positioning continues to limit more pronounced downside pressure.