The SUI token, which supports the Sui blockchain, came onto the open market in May 2023. While it has been shaken by a bearish market, it managed to avoid being one of the many altcoins accused of being an unregistered security when the United States Securities and Exchange Commission (SEC) filed lawsuits against the Binance and Coinbase crypto exchanges.
In August, it fell to an all-time low, but soon recovered. The news that it was launching a decentralized commerce system called Kiosks helped it shoot up.
Sui did not immediately respond to a request for comment
In this article, we will be looking at some SUI price predictions that were being made on August 24 2023. We will also look at some SUI price analysis and explain what SUI is and how SUI works.
Let’s start by looking at a few of the SUI price predictions that were being made on 24 August 2023.
We should point out that price forecasts, especially when they are for a commodity as potentially volatile as crypto, have a well-earned reputation for being wrong. Also, remember many long-term crypto price predictions are made using an algorithm, which means that they can change at any time.
First, CoinCodex had a short-term SUI price prediction which said the coin would drop to $0.5623 by August 29 but recover to $0.6388 by September 23.
The site’s technical analysis was, perhaps appropriately, neutral, with 13 indicators making bullish signals and seven sending bearish ones.
DigitalCoinPrice thought SUI would reach $1.20 this year. Bitnation said the crypto would hit $0.8935. PricePrediction.net thought it would trade at $0.70.
Bitnation said SUI would get to $2.08 in 2025. PricePrediction.net had the coin reach $1.49. DigitalCoinPrice suggested SUI could trade at $2.01 in two years time.
Moving on to a more long-term SUI price prediction. PricePrediction.net saw the most growth over the coming years, saying the coin would stand at $9.65 that year. DigitalCoinPrice, meanwhile, thought it would be worth $6.05. Bitnation argued that it would trade at $5.06.
SUI’s price has fallen since it came out in May. It dropped nearly 75% to an all-time low of $0.462 on August 17.
It has climbed since then. We can see that the Relative Strength Index indicator thought it was oversold at that time. The last time this happened was on June 10. After this, the price rose by around 70%.
There is a possibility that the price ended its decline on August 17.
If this is true, then the rise since then could be the start of a climb that could see SUI hit $1. If it moves above the descending trendline then that would suggest a price rise will occur. However, it might not happen for a little while.
What is more likely is that it will go back down, but not by too much. On the other hand, if it falls sharply, there will be further lows ahead.
Although SUI fell to an all-time low recently, it has not been all bad news. The platform announced it was launching Kiosks, a platform that allows people to sell NFTs, on August 23.
This news came shortly after SUI revealed that it was issuing nearly $900,000 worth of grants to blockchain projects.
Let’s now take a look at the SUI price history . Although it is important to remember that past performance should never be taken as an indicator of future results, knowing what the coin has done since it first came onto the market can help give us some useful context when it comes to either making or interpreting a SUI price prediction.
When SUI first hit the open market on 3 May 2023, it was worth $1.71. Perhaps worryingly for potential investors, this price still serves as an all-time high for the coin. After that, it slipped down gradually, dropping below the dollar on 24 May. SUI has not been worth more than $1 since 31 May.
Part of the reason for that is down to the crypto market shrinking following the news that the SEC was suing the two largest crypto exchanges. While SUI was not listed as one of the authority’s targets, it still took a hit and it reached a of $0.558 on 10 June.
After that, it tried to fight back. It reached $0.8816 on 22 June, but dropped again. On August 17, it reached an all-time low of $0.462. Since then, it has recovered somewhat. On 24 August 2023, it was worth around $0.5925.
With about 723 million SUI in circulation out of a total supply of 10 billion, it had a market cap of about $428.4 million, making it the 77th largest crypto by that metric.
It is hard to tell right now. SUI is a pretty new coin. It has cemented itself in the top 100 cryptos, but we don’t know if, and how, it will maintain the interest it has generated so far. Keep in mind that there are plenty of so-called Ethereum Killers, which offer quicker speeds and cheaper transactions than Vitalik Buterin’s brainchild, but none of them have yet toppled ETH as the number one altcoin.
Nevertheless, there is some potential for SUI to do well. It will need to stay out of the crosshairs of regulators and hope the market can support its aims of growth. Its recent performance, boosted by Kiosks, has been encouraging.
No matter what, if you want to invest in SUI, you will need to do your own research.
No one can really say for sure right now. Although many of the SUI price predictions are optimistic, remember that price forecasts are very often wrong. Also, it is important to remember that prices can, and do, go down as well as up.
Before you decide whether or not to invest in SUI, you will need to do your own research, not only on SUI but also on other, similar coins and tokens, such as Solana (SOL) and Cardano (ADA). More importantly, though, you will need to remember to never invest more money than you can afford to lose.
In its technical documentation, or whitepaper , SUI says that it is named after the Japanese water element.
It says: “The power of the sui element lies in its fluidity—its ability to easily adapt to and transform any environment. Similarly, the Sui platform seeks to provide a flexible network that you can leverage to shape the web3 landscape.
“The Sui platform is built on Sui Move, which is derived from the core Move programming language.”
While BTC is the most dominant coin on the market, Ethereum’s system has helped pioneer further applications, with its use of smart contracts, computer programs that automatically execute once certain conditions are met, helping to support decentralized applications (DApps) and the wider world of decentralized finance (DeFi).
One issue people have struggled with when it comes to using Ethereum is its notorious lack of speed. While this was, in part, addressed by the blockchain’s move from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS) one in September 2022, there is still the desire, in some quarters, to see a quicker, more efficient and cheaper blockchain.
Sui is one such attempt to improve on Ethereum. The platform, which was officially launched in 2023 by former Meta developers Evan Cheng, Adeniyi Abiodun, Kostas Chalkias, George Danezis and Sam Blackshear’s Mysten Labs, is supported by its eponymous token.
Sui uses a variety of features to serve as a fast blockchain that can handle extra traffic. For instance, it uses what it calls horizontal scaling to allow transactions to take place at the same time. It also features the ability to store assets directly on the blockchain, which means that transactions are, at least in theory, cheaper.
The SUI coin supports the Sui blockchain. It pays for storage space on the platform and also covers transactions on the network. Holders can set it aside, or stake it, in return for rewards. People can buy, sell, and trade SUI on exchanges.
On August 24 2023, there were 604 million SUI in circulation out of a total supply of 10 billion.
It might do but, if it does, it won’t happen until the 2030s at the earliest. PricePrediction.net says it will get to that mark in 2031, while DigitalCoinPrice argues for it happening the following year.
SUI pays for transactions on the SUI blockchain. Holders can stake it in return for rewards. People can buy, sell, and trade it on exchanges.
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Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.