SUI continues to make waves in the cryptocurrency markets. We delve into the Sui blockchain and expert SUI price predictions to see what investors can expect from the project.
In the past month, the price of Sui (SUI) — the native token of the layer-1 blockchain developed by members of the team behind Meta’s closed stablecoin project, Diem — has surged by nearly 50%. As of September 23, 2024, it is trading at $1.55 and is the 28th-largest cryptocurrency by market cap, according to crypto.news. In the past month alone, SUI has seen a staggering 140% growth.
What potential does this chain and its native assets have? Will SUI break its all-time high of $2.18, which it reached at the end of March this year? We take a closer look at the SUI price prediction.
What is SUI?
Where did Sui come from? It all started in 2019 when Meta – then known as Facebook – was working on its permissioned cryptocurrency project Calibra (later renamed Libra and then Diem). Unfortunately, the project ran into regulatory hurdles and was eventually shut down. However, the developers didn’t give up. Some of them took their innovative ideas and Scheduled Their own company, Mysten Labs, which went on to develop and launch the Sui blockchain, along with other software.
but Used Delegated Proof of Stake mechanism for verifying transactions on the blockchain. To achieve consensus, blockchain uses Sui Sufis An algorithm designed in part to scale transaction throughput.
Sui aims to provide fast transaction completion and high throughput, so developers can launch web3 projects and DeFi services easily and cost-effectively.
The total supply of the blockchain’s native asset, SUI, is 10 billion tokens. SUI has several key functions: it simplifies transactions, trading, and saving, and validators can also stake it to ensure the network remains secure. Validators also use their SUI tokens to shape the future of the project through voting.
SUI Cryptocurrency News
On September 3, Mysten Labs opened pre-orders for the SuiPlay0X1, a web3-native gaming device, created in partnership with Playtron.
On September 17, Circle, the issuer of USD Coin (USDC) — the second-largest stablecoin by market cap — announced that USDC would be launched on the Sui blockchain.
Analysts from K33 Research Suggests While Solana (SOL) is currently the leading alt-layer 1 network after Ethereum (ETH), the Sui network has the potential to compete for this position in the future.
SUI Cryptocurrency Price Prediction
What lies ahead for SUI token? Let’s take a look at the SUI price prediction for 2024 and beyond.
SUI Price Prediction: Short-Term Outlook
according to Quincodex According to the Sui price prediction in the near future, the token is expected to rise by 227.99%, possibly reaching a new all-time high of $5 by October 23, 2024.
As of September 23, 2024, the overall sentiment for SUI price forecast remains bullish, with 25 technical analysis indicators showing bullish signals and 4 pointing to bearish trends.
SUI Price Prediction 2024
Based on the insights of investors and market experts, Cryptocurrency price SUI stock is expected to surpass its all-time high of $2.18, with an estimated range of $3.19 to $3.37 by the end of the year.
According to CoinCodex’s SUI token price prediction for 2024, its price could fluctuate between $1.525 and $7.21 throughout the year.
Based on SUI price analysis over the past years, Changly It is expected that in 2024, the minimum price may be around $1.22, while the maximum price may reach around $3.11.
according to Investor’s portfolio SUI Price Prediction By the end of 2024, the token could be worth a minimum of around $1.21, with an average of around $1.672, and possibly as high as $2.114.
SUI Price Forecast 2025
Looking ahead, DigitalCoinPrice predicts that in 2025, the price of Sui could fluctuate between $3.31 and $3.92, with the value likely to stabilize around $3.74 by the end of the year.
CoinCodex’s 2025 predictions are in line with their previous 2024 predictions.
According to Changelly’s analysis of historical SUI price trends, the coin is expected to have a minimum price of $0.463 and a maximum price of $4.48 in 2025.
Wallet Investor indicates that by the end of 2025, the price of SUI may reach a minimum of $1,531, an average of around $1,989, and a maximum of $2,436.
SUI Price Forecast 2030
CoinCodex estimates that by 2030, the price of SUI could range between $3.84 and $6.23.
DigitalCoinPrice predicts that the price of SUI could rise to $10.37 or $11.21 by the end of 2030.
Changli predicts that by 2030, SUI could see an even bigger jump in value, trading at a price between $10.47 and $12.93.
Is SUI crypto a good investment?
Before jumping into investing in SUI, make sure to check out its recent performance and get an idea of where it might be headed in the future. While the project has promising partnerships and technology, the volatility of the cryptocurrency markets in general calls for caution. Whether you’re considering investing or holding back, take your time to weigh the risks involved.