The value of one SUI token has increased by 15% over the last seven days. This surge is a result of record-breaking net flows, which surpassed Ethereum and Solana, and a strong performance in Q3. Positive sentiment among investors has been boosted by the cryptocurrency's recent gains.
SUI's price has increased 114% over the past three months. It moved from $0.8 to the $1.75 range and seriously outperformed many competitors during recent market downturns. In August, SUI saw price increases of up to 50%. It recovered 73% from monthly lows. The token has surged 119% in the last 30 days.
Market analyst Crypto Bullet described SUI's monthly performance as "absolutely phenomenal". The token is now testing price levels unseen since April. It currently sits 20% below its all-time high of $2.17.
Some analysts predict further gains for SUI in Q4, as this period is traditionally bullish for the crypto market. Crypto Bullet suggests the token could reach $5, surpassing its current record.
SUI briefly touched $1.85 over the weekend before retreating. It now trades in the $1.70-$1.75 range. This represents a recovery from a recent market-wide dip.
The Sui Network has achieved several milestones. Artemis Terminal data shows it led all blockchain networks in daily net flows on Monday. The network recorded $6.8 million in positive net flows. Just to get the whole picture, Ethereum and Solana registered $4.9 million and $3.4 million net flows in the last 24 hours.
Sui also reached $1 billion in Total Value Locked (TVL) on Sunday. This milestone comes less than two years after its mainnet launch. However, an upcoming token unlock event in October raises concerns. It will release 64.19 million tokens worth $112 million, increasing SUI's circulating supply by 2.4%.
Despite this, some market watchers remain optimistic. Analyst Bluntz called SUI "a certified beast" due to its resilience. He predicts the token could reach $2.6 in its next upward move.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.