As a seasoned cryptocurrency analyst with over a decade of experience in this dynamic market, I’ve seen my fair share of bull runs and bear markets. The recent surge in SUI has been nothing short of extraordinary, especially considering its impressive performance throughout Q3.
In the last seven days, SUI has experienced a 15% increase due to its impressive price movement during Q3. This development in its value has sparked optimism among investors. However, some market observers predict that an upcoming event may potentially impede SUI’s progression toward reaching a fresh record high (ATH) by the next quarter.
From ‘SUIptember’ To ‘Uptober’
Over the past three months, I’ve witnessed a significant surge in the value of SUI. It started at around $0.8 and has now moved into the $1.75 range, representing an impressive 114% increase. During Q3, when many other cryptocurrencies were experiencing a downturn, SUI stood out as one of the top performers, consistently registering positive gains while others bled during market corrections.
In August, even during market declines, the token experienced up to 50% price spikes and managed to recover by 73% from its lowest point that month and an additional 14% compared to its initial price. This month alone, the token has witnessed a substantial boost, recording a 119% jump in just the last 30 days since September’s opening.
According to market analyst Crypto Bullet, the monthly chart performance of SUI is exceptionally impressive, having recently tested price points not seen since April, and currently standing 20% below its peak value of $2.17, which represents its all-time high (ATH).
Previously, it was proposed that the cryptocurrency might challenge and surpass its significant resistance point of $2 during the last quarter, an interval often characterized by market optimism. This could potentially lead to a new all-time high near the $5 level.
Over the weekend, SUI made a 10% increase but failed to sustain above the $1.85 resistance level and fell into the $1.7 support zone due to a 2.5% market decline in the past day. Since then, the token has been fluctuating within the $1.70-$1.75 price range, regaining its positions from 24 hours ago.
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, aside from Ethereum, recorded the second highest daily inflows at approximately $10.3 million. And remarkably, it achieved a significant milestone of $1 billion Total Value Locked (TVL) just this past Sunday, a feat that came less than two years following its Mainnet launch.
As a crypto investor, I’ve been keeping an eye on the upcoming October unlock event for SUI. Some analysts and fellow investors believe this event could potentially dampen SUI’s performance due to the release of 64.19 million tokens, equivalent to approximately $112 million. This influx would increase the circulating supply of SUI by about 2.4%. It’s crucial for me to stay informed and adapt my investment strategy accordingly.
Even though the recent unlock, certain market observers anticipate that the cryptocurrency’s growth trend could persist, characterized by a continued bull run. As per crypto expert Bluntz, the token has been referred to as “an undeniable powerhouse” due to its resilience in bouncing back from price drops.
Bluntz observed that “each decline over a four-hour period takes on an ‘abc’ shape and continues to climb higher,” with the most recent dip during the weekend included. He proposed that the token is currently in the “ongoing macro wave 3” and hasn’t experienced a corrective wave 4 yet.
According to his chart, the third wave for SUI is expected to reach the $2 resistance point and then pull back to the $1.65-$1.70 support area during the fourth wave. This would set the fifth wave’s potential peak at approximately $2.6.
Currently, the cryptocurrency stands at a price of $1.76, and it has surpassed the overall crypto market’s performance over the last seven days, as indicated by statistics from CoinGecko.
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2024-10-01 07:34