SUI surged 15% last week after unusual price action in the third quarter. The cryptocurrency’s performance continues to lift investor sentiment, but some believe the upcoming unlock event could hamper its rally towards a fresh all-time high (ATH) next quarter.

From “SUIptember” to “Uptober”

Over the past three months, SUI has increased by 114%, moving from $0.80 to the $1.75 price range. The cryptocurrency was the best performer throughout the third quarter, posting green numbers while most tokens are bleeding during the market retracement.

In August, the token saw a price enhance of up to 50% amid the market downturn, recording a 73% rebound from monthly lows and 14% from its opening price. This month, the token has also seen a huge surge compared to its September open, registering a 119% enhance in the last 30 days.

Crypto Bullet Market Analyst excellent that SUI’s monthly candle is “absolutely phenomenal” as it retests levels not seen since April and is 20% below its all-time high (ATH) of $2.17.

The analyst had previously suggested that the cryptocurrency was poised to test and break its major resistance level of $2 in the fourth quarter, which is usually a bullish period for the market, and reach a fresh ATH around the $5 level.

During the weekend’s 10% jump, SUI tried to break the resistance at $1.85 but fell to the support zone at $1.7 as the market saw a 2.5% decline last day. Since the drop, the token has been oscillating between the $1.70-$1.75 price range, returning to the level of 24 hours ago.

Sui network milestones fuel the token’s growth

The mood around SUI seems to be fueled by the network’s recent achievements. On Monday, Sui Network overtook all other networks in terms of daily net flows, achieving positive net flows of $6.8 million last day, according to Artemis Terminal data. In comparison, Ethereum and Solana recorded net flows of $4.9 million and $3.4 million in the last 24 hours.

The network also had the second-largest daily inflow through the network with $10.3 million, only surpassed by Ethereum’s $35.8 million. Plus the chain achieved on Sunday, less than two years after the launch of Mainnet, the long-awaited milestone of total value lock (TVL) of $1 billion will be reached.

Nevertheless, many cryptocurrency investors and analysts believe that the upcoming October unlock event could negatively impact 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 unlocking, some market observers believe the cryptocurrency’s performance will continue its upward momentum. Crypto analyst Bluntz recently called the token a “certified beast” due to its post-drop rebound.

Bluntz noted that “every 4-hour drop looks ABC and continues higher,” including the latest weekend drop. He suggested that the token is still in “macrowave 3 and hasn’t even had wave 4 yet.”

According to his chart, the third wave of the SUI will focus on the $2 resistance level before returning to the $1.65-1.70 support zone in wave 4, setting a wave five target of $2.6.

According to CoinGecko data, the cryptocurrency is trading at $1.76 at the time of writing and has outperformed the global cryptocurrency market in the past week.

Featured image from Unsplash.com, chart from TradingView.com