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SUI saw a 15% increase last week following its impressive price action throughout Q3. The cryptocurrency’s performance continues to fuel investor sentiment, but some believe the upcoming open event could derail its rally toward a new all-time quarterly (ATH) high.
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From ‘Suiptember’ to ‘Uptober’
Over the past three months, the price of SUI has increased by 114%, from the $0.8 mark to the $1.75 price range. The cryptocurrency was among the best performers throughout Q3, registering green numbers while many tokens bled during market recovery.
In August, the token saw a price increase of up to 50% during the market downturn, registering a 73% return from the monthly low and 14% from its opening price. This month, the token also saw the biggest increase since the opening of September, registering a surge of 119% in the last 30 days.
Market analyst Crypto Bullet noted that the monthly SUI candle is “an absolute miracle” as it has been retesting unprecedented levels since April and sits 20% below its all-time high (ATH) of $2.17.
The analyst previously suggested that the cryptocurrency is ready 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, the SUI tried to recover the $1.85 resistance but fell to the $1.7 support area as the market saw a 2.5% decline in the previous day. Since the drop, the token has been moving between the price range of $1.70-$1.75, retrieving its levels from the previous 24 hours.
Sui Network Milestones Fuel Token Rally
The sentiment around SUI seems to be fueled by the networks’ recent achievements. According to Artemis Terminal data, Sui Network surpassed all other chains in daily net flow on Monday, reaching $6.8 million in net flow in the previous day. In comparison, Ethereum and Solana registered a total of $4.9 million and a total of $3.4 million in the last 24 hours.
The network also had the second largest daily inflow of the chain with $10.3 million, only surpassed by Ethereum with $35.8 million. In addition, the chain reached the much-anticipated Total Value Locked (TVL) milestone of $1 billion on Sunday, less than two years after the launch of the Mainnet.
Nevertheless, many investors and crypto analysts think that the upcoming opening event in October may have a negative impact on the performance of SUI. The event will unlock 64.19 million tokens worth $112 million, which increases the circulating supply of the cryptocurrency by 2.4%.
Despite the opening, some market observers think that cryptocurrency will continue its bullish rally. Crypto analyst Bluntz recently called the token a “confirmed beast” due to its recovery from dips.
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Bluntz noted that “every dip in the 4h ends up looking abc and keeps the trucks high,” including the recent dip over the weekend. He suggested that the token is still in “macro wave 3 and not even wave 4 yet.”
According to his chart, the third wave of the SUI will target the $2 resistance level before returning to the $1.65-$1.70 support area in wave 4, setting the target for wave five around $2.6.
As of this writing, the cryptocurrency is trading at $1.76 and has topped the global crypto market for the past week, according to CoinGecko data.
Featured image from Unsplash.com, Chart from TradingView.com