SUI Sees 15% Weekly Surge Ahead Of Token Unlock, Can It Hit New ATH In October?

Rubmar Garcia

1 year ago

3 mins read

Altcoins, alt season, crypto, Tron, SUI, Polygon

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SUI has seen a 15% surge in the past week following its remarkable price action throughout Q3. The cryptocurrency’s performance continues to fuel investors’ sentiment, but some believe the upcoming unlock event could hinder its rally toward a new all-time high (ATH) next quarter.

From ‘SUIptember’ To ‘Uptober’

In the past three months, SUI’s 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 September’s opening, registering a 119% surge in the last 30 days.

Market analyst Crypto Bullet noted that SUI’s monthly candle is “absolutely phenomenal” 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’s performance in the weekly chart. Source: SUIUSDT on TradingView

Sui Network Milestones Fuel The Token’s Rally

The sentiment surrounding SUI seems fueled by the networks’ 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 Ethereum’s $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 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 consider the cryptocurrency’s performance will continue its bullish rally. Crypto analyst Bluntz recently called the token “a certified beast” due to its recovery from the dips.

SUI, SUIUSDT — SUI printing a 5-wave structure in the macro chart. Source: Bluntz on X

Bluntz noted that “every dip on 4h end up abc-looking and keeps trucking higher,” including the latest weekend drop. He suggested that the token is still in the “macro wave 3 still and hasn’t even had a wave 4 yet.”

Per his chart, SUI’s wave three will target the $2 resistance level before retracing to the $1.65-$1.70 support zone in wave 4, setting the wave five’s 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

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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