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SUI has witnessed a significant 15% increase over the past week, following its extraordinary price performance throughout Q3. The cryptocurrency’s robust performance has continued to boost investor sentiment, although some experts believe that the upcoming unlock event could pose a challenge to its rally towards a new all-time high (ATH) next quarter.
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From ‘SUIptember’ To ‘Uptober’
Over the past three months, SUI’s price has surged by an impressive 114%, climbing from the $0.8 mark to the $1.75 price range. The cryptocurrency emerged as one of the top performers throughout Q3, showing green numbers even as most tokens experienced downturns during market corrections.
In August, SUI saw price increases of up to 50% despite market downturns, achieving a 73% recovery from the monthly lows and a 14% gain from its opening price. This positive trend continued into September, with the token registering a 119% surge in the last 30 days.
Market analyst Crypto Bullet highlighted that SUI’s monthly candle is “absolutely phenomenal,” noting that it has been retesting levels not seen since April and is currently positioned 20% below its all-time high (ATH) of $2.17. The analyst had previously indicated that the cryptocurrency was likely to test and break its major resistance level of $2 in Q4, a typically bullish period for the market, potentially reaching a new ATH around the $5 mark.
During its 10% jump over the weekend, SUI attempted to reclaim the $1.85 resistance level but fell to the $1.7 support zone as the market experienced a 2.5% dip over the past day. Since this drop, the token has been fluctuating between the $1.70-$1.75 price range, recovering its levels from 24 hours ago.
Sui Network Milestones Fuel The Token’s Rally
The positive sentiment surrounding SUI seems to be driven by the network’s recent achievements. According to data from Artemis Terminal, Sui Network outperformed all other chains in daily net flows on Monday, reaching $6.8 million in positive net flows over the past day. In comparison, Ethereum and Solana recorded $4.9 million and $3.4 million net flows, respectively, in the last 24 hours.
Furthermore, the network had the second-largest daily inflows by chain with $10.3 million, second only to Ethereum’s $35.8 million. Additionally, the chain reached the much-anticipated $1 billion Total Value Locked (TVL) milestone on Sunday, less than two years after its Mainnet launch.
Despite these achievements, many investors and crypto analysts are cautious about the upcoming October unlock event, which could negatively impact SUI’s performance. The event will release 64.19 million tokens worth $112 million, increasing the cryptocurrency’s circulating supply by 2.4%.
However, some market watchers remain optimistic about the cryptocurrency’s continued bullish rally. Crypto analyst Bluntz recently described the token as “a certified beast” due to its recovery from market dips.
Bluntz noted that “every dip on 4h ends up abc-looking and keeps trucking higher,” including the latest weekend drop. He suggested that the token is still in the “macro wave 3 and hasn’t even had a wave 4 yet.” According to his chart, SUI’s wave three will target the $2 resistance level before retracing to the $1.65-$1.70 support zone in wave 4, setting the wave five’s target around $2.6.
As of this writing, the cryptocurrency is trading at $1.76 and has outperformed the global crypto market over the past week, according to CoinGecko data.
