What’s happening in the crypto market this July? It’s worth paying close attention. 👀
One reason $SUI didn’t make a significant move on July 1 was its scheduled $9M token unlock (0.34% of the circulating supply).
The unlock was relatively small and had already been priced in by the market. Now that it’s behind us, that short-term supply overhang is gone.
Meanwhile, several crypto projects are aggressively buying back their own tokens.
Examples:
• $MET - 71% buyback vs. +13% supply growth.
• $GMX - 21% buyback vs. +1% supply growth.
• $HYPE - $283M in buybacks, one of the largest programs in the industry.
When buybacks match or exceed circulating supply growth, it generally creates a more bullish long-term fundamental by reducing sell-side pressure.
Key catalysts to watch throughout July:
• July 24 - $WLD unlock rate reduced by 43%.
• July 30 - Federal Reserve interest rate decision.
• Throughout July - Big Tech earnings (Apple, Microsoft, Meta, Google, Amazon, and others), which could influence overall market sentiment.
If BTC remains strong, liquidity continues flowing into altcoins, and market sentiment improves, $SUI could have room to continue its uptrend, with $1.00 as a key level to watch.
July is packed with important catalysts that could shape the crypto market.
Sources: Tokenomist, LayerGG, and token unlock data.
Check out the crypto calendar below. 👇🏻