The SUI token was launched for the Sui blockchain in May 2023. However, unlike other altcoins that the SEC has filed lawsuits against Binance and Coinbase, the SUI token was not accused of being an unregistered security.
Here’s an introduction to the SUI token and how it works, along with some SUI price predictions as of June 21, 2023.
Ethereum’s influence and Sui’s rise
Some say that in the world of cryptocurrency, Ethereum (ETH) is more important than Bitcoin (BTC).
Although Bitcoin is the largest and most influential cryptocurrency, Ethereum has played a major role in promoting cryptocurrencies. Smart contracts are computer programs that automatically execute when certain conditions are met.
Decentralized applications (DApps) and decentralized finance (DeFi) are enabled by these smart contracts.
People are notorious for complaining about Ethereum’s slowness. In September 2022, Ethereum switched from a Proof of Work (PoW) consensus mechanism to a Proof of Stake (PoS) mechanism. However, there are still those who want a faster, more efficient, and more cost-effective blockchain solution.
Sui is an attempt to improve Ethereum. The platform was released in 2023 by a team of former Meta developers, including Evan Cheng, Adeniyi Abiodun, Kostas Chalkias, George Danezis, and Sam Blackshear. Sui is the platform's own token.
SUI: Speed, Efficiency and the SUI Token
Sui has several features that can handle increased traffic, making it a fast blockchain. The horizontal scaling feature allows multiple transactions to be carried out simultaneously. In addition, it can store assets directly on the blockchain, thereby reducing transaction costs.
SUI tokens are the currency of the SUI blockchain. Storage space and network transactions on the platform are paid for with SUI tokens. SUI tokens can be used to earn rewards, bought, sold and traded.
Sui (SUI) Statistics
Data from Coinmarketcap shows
Current price: $0.8057
Trading volume: $212,474,037 (24 hours)
Price change: 0.6% up
Circulating Supply: 604,047,436
Historical High Price: $1.7176 (May 3, 2023)
Source: Coinmarketcap
SUI Price History
SUI tokens are the currency of the SUI blockchain. In addition to paying for storage, it can also pay for transaction costs on the network. People can buy, sell, and trade SUI tokens on various exchanges to earn rewards.
When the token was listed on May 3, 2023, it was valued at $1.71, which is still the highest price. However, it began to decline on May 24, falling below $1. Since May 31, SUI has not been worth more than $1.
This decline was caused by the SEC filing a lawsuit against two of the largest cryptocurrency exchanges, which led to a decline in the entire cryptocurrency market. Although SUI did not receive special attention from the SEC, it was still negatively affected and reached its lowest point of $0.558 on June 10.
Since then, SUI has started to recover and as of June 21, 2023, its value is about $0.81. Of the 10 billion tokens, 600 million are in circulation. Based on this information, it has a market cap of $465.8 million, making it the 78th largest cryptocurrency.
SUI Price Analysis
SUI’s price has fallen since listing, but it is unclear whether this is due to market conditions or the initial overvaluation. As of this writing, the token has lost over 27% in value, having recovered nearly 40% since June 10, but is still down nearly 55% from its listing price about six weeks ago.
If we look at the daily chart, SUI could potentially reach a resistance level of around $1.10 if it rises towards the higher end of its trading range. At this point, traders can expect buyers to aggressively support further price gains, allowing the coin to gain more.
Alternatively, if the price reaches the important support level of around $0.580, the price could quickly fall or see a sell-off. If the price fails to reach this support level, traders could see the SUI break out of the upper boundary of its trading range.
As long as the bull trend continues, SUI is likely to face resistance at $0.9873, $1.10, and $1.25. If the market breaks below the trading range, SUI/USD is likely to find support at $0.73, $0.64, and $0.58.
The relative strength index (RSI) is used to measure the strength of a stock. If the RSI is above 50, the index may have more room to rise.
SUI/USD mid-term (4-hour chart)
According to the 4-hour chart, traders expect the coin to regain its previous momentum. They expect it to regain its previous momentum once it breaks out of the upper boundary of the current trading range.
However, if heavy selling occurs and the coin struggles to maintain its upward momentum, the price could drop to $0.73 or even lower.
Traders can expect a sharp upside move if the buyers keep the price above the 7-day and 14-day moving averages.
Read more:
Best Cheap Cryptocurrency Purchases
How to buy SUI tokens
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