SUI has experienced a 15% surge in the previous week, representing a significant increase in price throughout Q3. This impressive performance has boosted investor sentiment, leading many to wonder if the upcoming token unlock event could impede its rally towards a new all-time high (ATH) in the next quarter.
Dubbed ‘SUIptember’ due to its remarkable price action, SUI has shown a 114% surge over the past three months, climbing from $0.8 to the $1.75 price range. This places it among the top-performing cryptocurrencies in Q3, performing well even during market retracements.
In August, SUI experienced price surges of up to 50% despite market downturns, recovering 73% from monthly lows and 14% from its opening price. September has also been a fruitful month for the token, witnessing a monumental increase with a 119% surge in the last 30 days.
A well-known market analyst, Crypto Bullet, has emphasized the “absolutely phenomenal” performance of SUI’s monthly candle. It has been retesting levels not seen since April and currently sits just 20% below its ATH of $2.17. The analyst previously predicted that SUI would test and surpass its major resistance level of $2 in Q4, a period typically regarded as bullish, and potentially reach a new ATH of around $5.
Despite a recent 10% jump over the weekend, SUI encountered resistance at the $1.85 level and subsequently dropped to the $1.7 support zone due to a 2.5% market dip. However, the token has since recovered its position and has been fluctuating between the $1.70-$1.75 range, regaining its levels from 24 hours ago.
The positive sentiment surrounding SUI is further fueled by the network’s recent milestones. According to data from Artemis Terminal, Sui Network surpassed other chains with daily net flows reaching $6.8 million, while Ethereum and Solana recorded $4.9 million and $3.4 million, respectively. SUI also gained prominence by having the second-largest daily inflows, with $10.3 million, second only to Ethereum’s $35.8 million. Moreover, the network achieved the significant milestone of $1 billion Total Value Locked (TVL) on Sunday, less than two years after launching its Mainnet.
However, some investors and analysts express concerns about the potential negative impact of the October unlock event on SUI’s performance. This event will introduce an additional 64.19 million tokens, valued at $112 million, thereby increasing the circulating supply of the cryptocurrency by 2.4%.
Despite these concerns, many market observers expect SUI to sustain its bullish rally. Crypto analyst Bluntz even labeled the token as “a certified beast” due to its ability to recover from dips. Bluntz noted that every dip on the 4-hour chart ends up looking like an ABC pattern and SUI continues to climb higher. He believes that SUI is still in the macro wave 3 and has not yet experienced a wave 4 correction. According to his analysis, SUI’s wave three will target the $2 resistance level before retracing to the $1.65-$1.70 support zone in wave 4, ultimately aiming for $2.6 in wave five.
At present, SUI is trading at $1.76 and has outperformed the global crypto market in the past week, according to CoinGecko data.