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The SUI token continues to make waves in the crypto markets. We take a deep dive into the Sui blockchain and expert SUI price predictions to see what investors can expect from the project.
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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 shuttered stablecoin project, Diem — has skyrocketed by approximately 50%. As of Sept. 23, 2024, it’s trading at $1.55 and holds the 28th spot among top cryptocurrencies by market cap, according to crypto.news. Just last month, SUI recorded an impressive growth of 140%.
What potential does this blockchain and its native asset have in store? Will the SUI token break its all-time high of $2.18, which it reached at the end of March of this year? We take a closer look in this SUI price prediction.
What is SUI?
Where did Sui come from? It all started in 2019 when Meta — then Facebook — was working on its permissioned blockchain and stablecoin cryptocurrency project Calibra (later rebranded to Libra and then to Diem). Unfortunately, the project ran into regulatory hurdles and was ultimately shut down. However, the developers didn’t give up. Some of them took their innovative ideas and established their own company, Mysten Labs, which went on to develop and launch the Sui blockchain, alongside other software.
Sui employs a delegated proof-of-stake mechanism for validating transactions on the blockchain. To achieve consensus, the Sui blockchain uses the Mysticeti algorithm, which in part is designed to scale transaction throughput.
Sui aims to deliver speedy transaction finality and high throughput, so that developers can easily and cost-effectively launch their web3 projects and DeFi services.
The blockchain’s native asset, SUI, has a total supply capped at 10 billion tokens. SUI has several key functions: it simplifies transactions, trading, and saving, while it also can be staked by validators to ensure the network stays secure. Validators also use their SUI tokens to shape the project’s future through voting.
SUI crypto news
On Sept. 3, Mysten Labs opened pre-orders for the SuiPlay0X1 console, a native web3 gaming device, created in partnership with Playtron.
On Sept. 17, Circle, the issuer of USD Coin (USDC) — the second-largest stablecoin by market cap — announced that USDC will be launched on the Sui blockchain.
Analysts from K33 Research suggest that while Solana (SOL) is currently the leading alternative layer-1 network after Ethereum (ETH), the Sui network has the potential to compete for that position in the future.
SUI crypto price prediction
What’s on the horizon for the SUI token? Let’s take a look at the SUI price prediction for 2024 and beyond.
SUI coin price prediction: short-term outlook
According to CoinCodex’s Sui price prediction for the near future, the token is projected to rise by 227.99%, possibly hitting a new all-time high of $5 by Oct. 23, 2024.
As of Sept. 23, 2024, the overall sentiment for the SUI price forecast remains bullish, with 25 technical analysis indicators showing bullish signals and 4 indicating bearish trends.
SUI price prediction 2024
Drawing on insights from investors and market experts, DigitalCoinPrice predicts that SUI could surpass its all-time high of $2.18, with an estimated range between $3.19 and $3.37 by the end of the year.
According to CoinCodex’s SUI token price prediction for 2024, its price could swing between $1.525 and $7.21 over the year.
Based on the analysis of SUI’s prices over previous years, Changelly anticipates that in 2024, the minimum price could be around $1.22, while the maximum price might reach approximately $3.11.
According to Wallet Investor’s SUI price expectations, by the end of 2024, the token’s value could be a minimum of around $1.21, with an average of about $1.672, and potentially as high as $2.114.
SUI price prediction 2025
Looking further ahead, DigitalCoinPrice predicts that in 2025, Sui’s price could fluctuate between $3.31 and $3.92, with the most likely value stabilizing around $3.74 by year’s end.
CoinCodex’s projection for 2025 matches up with its earlier forecast for 2024.
According to Changelly’s analysis of SUI’s historical price trends, the coin is projected to have a minimum price of $0.463 and a maximum price of $4.48 in 2025.
Wallet Investor suggests that by the end of 2025, SUI could see a minimum price of $1.531, an average around $1.989, and might rise to a maximum of $2.436.
SUI price prediction 2030
CoinCodex estimates that by 2030, SUI’s price could vary between $3.84 and $6.23.
DigitalCoinPrice expects that SUI’s price could climb to $10.37 or $11.21 by the end of 2030.
Changelly predicts that by 2030, SUI could experience an even more substantial leap in value, trading between $10.47 and $12.93.
Is SUI crypto a good investment?
Before jumping into an investment in SUI, be sure to check out its recent performance and get a sense of where it might be headed next. While the project has promising partnerships and technology, the volatility of crypto markets in general demands caution. Whether you’re considering investing or holding back, take your time to weigh the risks involved.
This article first appeared at crypto.news
