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SUI has seen a 15% increase in the past week following notable price action in the third quarter. The cryptocurrency’s performance continues to fuel investor sentiment, but some believe the upcoming unlock event could hinder the rally to a new all-time high (ATH) next quarter.
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From ‘SUiptember’ to ‘Uptober’
In the last three months, SUI’s price rose 114%, from $0.8 to $1.75. The cryptocurrency was among the top performers in the third quarter, recording green numbers while most tokens bled amid the market pullbacks.
In August, the token experienced a price increase of up to 50% during the market downturns, registering a recovery of 73% from the monthly lows and 14% from the opening price. This month, the token also saw a massive surge from its September opening, up 119% in the past 30 days.
Crypto Bullet Market Analyst noted that SUI monthly candle is “absolutely phenomenal” as it retests levels unseen 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 resistance level at $2 in the fourth quarter, which is usually a bullish period for the market, reaching a new ATH around $5.
During the 10% jump over the weekend, SUI attempted to reclaim the $1.85 resistance but fell to the $1.7 support zone as the market saw a 2.5% dip over the past day. Since the 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 sentiment around SUI seems to be fueled by the recent performance of the networks. According to data from Artemis Terminal, Sui Network surpassed 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 net flows of $4.9 million and $3.4 million in the last 24 hours.
The network also had the second largest daily inflows per chain at $10.3 million, surpassed only by Ethereum’s $35.8 million. Moreover, the chain reaches the long-awaited milestone of $1 billion Total Value Locked (TVL) on Sunday, less than two years after Mainnet’s launch.
Nevertheless, many investors and crypto analysts believe that the upcoming October unlock event could negatively impact SUI’s performance. The event will unlock 64.19 million tokens worth $112 million, increasing the cryptocurrency’s circulating supply by 2.4%.
Despite the unlock, some market watchers believe that the cryptocurrency’s performance will continue its bullish rally. Crypto analyst Bluntz recently called the token “a certified beast” for its recovery from the dips.
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Bluntz noted that “any dip at 4 o’clock looks ABC-like and keeps freight higher,” including the latest dip over the weekend. He suggested that the token is still in “macro wave 3 and hasn’t even had a wave 4 yet.”
According to its chart, SUI’s wave three will target the $2 resistance level before returning to the $1.65-$1.70 support zone in wave 4, leaving the wave five target around $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