đ„đ„đ„ $SUI Sees 15% Weekly Surge Ahead Of Token Unlock, Can It Hit New ATH In October?
SUI Sees 15% Surge Amid #Q3 Rally, but Unlock Event Looms as Potential Threat
- Sui Network (SUI) has surged 15% in the past week, with its price action fueling investor sentiment. However, some analysts believe that the upcoming unlock event could hinder its rally towards a new all-time high (ATH) next quarter.
Q3 Performance: A Remarkable Surge
- In the past three months, SUI's price has skyrocketed 114%, moving from $0.80 to the current price range of $1.88. This performance makes it one of the best-performing cryptocurrencies in Q3, despite most tokens experiencing losses during market downturns.
Market Analysts Weigh In
- #CryptoAnalyst Crypto Bullet notes 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 of $2.17. The analyst previously predicted that SUI would test and break the $2 resistance level in Q4, reaching a new ATH around the $5 mark.
Unlock Event: A Potential Threat
- Analysts warn that SUI's October unlock event, releasing 64.19 million tokens worth $112 million and increasing supply by 2.4%, could hinder its rally. While some view it positively, others see it as a potential risk to SUI's performance.
Network Achievements Fuel Sentiment
- Despite concerns over the upcoming unlock event, Sui Network's recent achievements have boosted investor sentiment. Sui led all chains with $6.8 million in daily net flows and hit the $1 billion TVL milestone on Sunday.
Analyst Bluntz Sees a Bullish Trend
- Crypto analyst #Bluntz recently called SUI "a certified beast" due to its recovery from dips. According to his chart, SUI's wave three will target the $2 resistance level before retracing to the $1.65-$1.70 support zone in wave four, setting the wave five's target around $2.6.
- As of this writing, SUI is trading at $1.88 and has outperformed the global crypto market in the past week, according to CoinGecko data.
Source - newsbtc.com
