SUI saw a 15% increase last week following its notable price action during the third quarter. The cryptocurrency’s performance continues to fuel investor sentiment, but some believe the upcoming unlock event could hinder its rally towards a new all-time high (ATH) in the next quarter.
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From ‘SUIptember’ to ‘Uptober’
Over the past three months, the price of SUI has risen 114%, moving from the $0.8 mark to the $1.75 price range. The cryptocurrency was among the best performers throughout the third quarter, recording green numbers while most tokens bleed during market pullbacks.
In August, the token’s price saw increases of up to 50% amid market downturns, recording a 73% recovery from monthly lows and 14% from its opening price. This month, the token has also seen a huge increase since the September opening, recording a 119% increase in the last 30 days.
Crypto Bullet market analyst observed that SUI’s monthly candle is “absolutely phenomenal” as it is retesting levels not seen since April and is 20% below its all-time high (ATH) of $2.17.
The analyst previously suggested that the cryptocurrency was poised to test and break its key $2 resistance level in the fourth quarter, which is usually a bullish period for the market, and reach a new ATH around the $5 mark. .
During its 10% jump over the weekend, SUI attempted to reclaim the $1.85 resistance but fell to the $1.7 support zone as the market recorded a 2.5% drop the day before. Since the drop, the token has fluctuated between the $1.70 and $1.75 price range, recovering its levels from 24 hours ago.
Sui Network Milestones Boost Token Recovery
The sentiment around SUI seems fueled by the networks’ recent achievements. According to data from Artemis Terminal, Sui Network surpassed all other networks in daily net flows on Monday, reaching $6.8 million in positive net flows on the final day. Comparatively, Ethereum and Solana recorded net flows of $4.9 million and $3.4 million in the last 24 hours.
The network also had the second highest daily inflow per network with $10.3 million, surpassed only by Ethereum’s $35.8 million. Furthermore, the chain achieved the long-awaited $1 billion Total Value Locked (TVL) milestone on Sunday, less than two years after its launch on Mainnet.
However, many crypto investors and analysts feel that the upcoming unlock event in October could negatively affect SUI performance. The event will unlock 64.19 million tokens worth US$112 million, increasing the cryptocurrency’s circulating supply by 2.4%.
Despite the unlocking, some market observers believe that the cryptocurrency’s performance will continue to rise. Crypto analyst Bluntz recently called the token “a certified beast” due to its recovery from dips.
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Bluntz noted that “every 4 a.m. drop ends up looking like ABC and keeps going up,” including the latest weekend drop. He suggested that the token is still in “macro wave 3 and has not yet had a wave 4.”
According to its chart, SUI wave three will target the $2 resistance level before returning to the $1.65 to $1.70 support zone in wave 4, setting the wave target. five around US$2.6.
At the time of writing, the cryptocurrency is trading at $1.76 and has outperformed the global crypto market over the past week, according to data from CoinGecko.
Featured image from Unsplash.com, chart from TradingView.com