SUI price prediction: is this the next big L1 in crypto?
The SUI token continues to make waves in the crypto markets. We take a deep dive into the Sui blockchain and expert SUI (SUI) price predictions to see what investors can expect from the project.
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The SUI token continues to make waves in the crypto markets with the SUI token recording a new all-time high of $2.35 on Oct. 13, 2024. In this article, we take a deep dive into the Sui blockchain, its latest news on AI integration, and expert SUI price predictions to see what investors can expect from the project.
In the past month, the price of 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 165%.
As of Oct. 22, 2024, it’s trading at $1.96 and holds the 23rd spot among top cryptocurrencies by market cap, according to crypto.news.
What potential does this blockchain and its native asset have in store? Will the SUI token test its all-time high of $2.35 and create a new one? We take a closer look at 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 integrating AI?
The Sui Network hinted in an official post that it is stepping into the AI race. This step is a great way in the direction of boosting scalability, efficiency, and security for the Sui blockchain.
After the integration of AI, the Sui network can streamline operation, power more innovation into their blockchain, and also enhance smart contract execution which directly impacts transaction speeds and attracts more projects to build on its blockchain.
SUI coin price prediction: short-term outlook
According to Coin Codex’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 $7.01 by Nov. 20, 2024.
As of Sept. 23, 2024, the overall sentiment for the SUI price forecast remains bullish, with 20+ 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.
How high will SUI go?
It’s hard to predict the future movement of SUI or any other cryptocurrency due to the volatile nature of this market. Whether the SUI token will continue its ascent or go down, depends on its project development, market trend, partnerships, and overall investor sentiment, along with a variety of global fundamental factors that influence the entire crypto market.
Does SUI have potential?
When evaluating whether the SUI token has potential, it’s important to look at the project’s growth trajectory by doing research on similar crypto projects. It is also important to identify your risk tolerance and financial goals before investing in the SUI token, as investing in cryptocurrencies involves risk.
