
SUI Sees 15% Weekly Surge Ahead Of Token Unlock, Can It Hit New ATH In October?
SUI has seen a 15% surge in the past week following its remarkable price action throughout Q3. The cryptocurrencyâs performance continues to fuel investorsâ sentiment, but some believe the upcoming unlock event could hinder its rally toward a new all-time high (ATH) next quarter. Related Reading: SUI Ready To Test $2 Resistance â Bullish Pattern Suggests New ATH Soon From âSUIptemberâ To âUptoberâ In the past three months, SUIâs price surged 114%, moving from the $0.8 mark to the $1.75 price range. The cryptocurrency was among the best performers throughout Q3, registering green numbers while most tokens bleed during the market retraces. In August, the token saw up to 50% price surges amid the market downturns, registering a 73% recovery from the monthly lows and 14% from its opening price. This month, the token also saw a massive increase from Septemberâs opening, registering a 119% surge in the last 30 days. Market analyst Crypto Bullet noted that SUIâs monthly candle is âabsolutely phenomenalâ as it has been retesting levels unseen since April and is sitting 20% below its all-time high (ATH) of $2.17. The analyst previously suggested that the cryptocurrency was poised to test and break its major resistance level of $2 in Q4, 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 tried to reclaim the $1.85 resistance but dropped to the $1.7 support zone as the market saw a 2.5% dip in the past day. Since the drop, the token has been hovering between the $1.70-$1.75 price range, recovering its levels from 24 hours ago. Sui Network Milestones Fuel The Tokenâs Rally The sentiment surrounding SUI seems fueled by the networksâ recent achievements. According to Artemis Terminal data, Sui Network surpassed all other chains in daily net flows on Monday, reaching $6.8 million in positive net flows in the past day. Comparatively, Ethereum and Solana registered $4.9 million and $3.4 million net flows in the last 24 hours. The network also had the second-largest daily inflows by chain with $10.3 million, only surpassed by Ethereumâs $35.8 million. Moreover, the chain reached the long-awaited $1 billion Total Value Locked (TVL) milestone on Sunday, less than two years after its Mainnet launch. Nonetheless, many investors and crypto analysts consider that the upcoming October unlock event could negatively affect SUIâs performance. The event will unlock 64.19 million tokens worth $112 million, increasing the cryptocurrencyâs circulating supply by 2.4%. Despite the unlock, some market watchers consider the cryptocurrencyâs performance will continue its bullish rally. Crypto analyst Bluntz recently called the token âa certified beastâ due to its recovery from the dips. Related Reading: Solana Price (SOL) Holds Crucial Support Level: Is the Rally Still Alive? Bluntz noted that âevery dip on 4h end up abc-looking and keeps trucking higher,â including the latest weekend drop. He suggested that the token is still in the âmacro wave 3 still and hasnât even had a wave 4 yet.â Per his chart, SUIâs wave three will target the $2 resistance level before retracing to the $1.65-$1.70 support zone in wave 4, setting the wave fiveâs target around $2.6. As of this writing, the cryptocurrency is trading at $1.76 and has outperformed the global crypto market in the past week, according to CoinGecko data. Featured Image from Unsplash.com, Chart from TradingView.com