Last week, Sui’s price surged by 51%, highlighting the remarkable success of Sui DeFi developers and strengthening its presence in the cryptocurrency space. This rally, along with the massive growth in total locked value, suggests traders are interested and looking forward to a major rally in 2024.
As a first-layer blockchain, Sui Network has reported an impressive growth of 13,50% in the past six months. According to DeFi Llama market analysis, Sui’s current total locked value is a significant $318.43 million.
In this article, we will explore the potential future value of $SUI in the coming months or years and assess whether it is wise to consider buying Sui now.
Sui’s object-centric model and advanced blockchain capabilities
Sui represents a groundbreaking layer-one blockchain and smart contract platform, carefully crafted to transform digital asset ownership, prioritizing speed, privacy, security, and accessibility.
Based on the Move programming language, its object-centric model facilitates parallel execution, sub-second finality, and powerful on-chain assets. Sui provides horizontally scalable processing and storage capabilities, providing unparalleled speed and cost-effectiveness for a variety of applications.
As a revolutionary leap forward in blockchain technology, Sui empowers creators and developers to build exceptional, user-friendly experiences. Unique architectural features including horizontal scalability, composability, sparse replay, and on-chain storage address common challenges of early blockchains.
Horizontal scalability ensures parallel processing of transaction groups, avoiding bottlenecks. Composability allows assets to be passed directly into function parameters, facilitating flexibility in data structures and asset storage.
Sparse replay eliminates unnecessary tracking of irrelevant decentralized application (dApp) transactions and optimizes on-chain data queries. On-chain storage directly treats assets as objects, bypassing the Merkle tree index, enhancing scalability and cost-effectiveness with traditional methods such as IPFS.
$SUI Cryptocurrency Price Prediction
On May 3, 2023, Sui reached a peak price of $1.83. Currently, Sui cryptocurrency price is $1.25, with a 24-hour trading volume of $1.06 billion and a market capitalization of $1.4 billion. In the past 24 hours, $SUI price has fallen by 6.78%.
Sui Cryptocurrency appears undervalued based on the 14-day RSI of 76.87. The 10-day Simple Moving Average (SMA) is at 1.03 and the 100-day SMA is at $0.63, indicating a positive market outlook. Support levels are set at $1.21 and $1.05, while resistance levels are set at $1.45 and $1.52.
If the bullish pattern continues, the $SUI price may rise to $1.45, but if there is a reversal, it may fall to $0.89. The forecast shows that the Sui cryptocurrency will trade in the range of $2.13 and $0.79 this year, while the $SUI price prediction for 2031 is $4.75.
Watch the video above for a comprehensive Sui cryptocurrency price prediction analysis. Follow Jacob Crypto Bury’s YouTube channel for more cryptocurrency price prediction content. Additionally, Jacob runs a Discord channel with 20,000 members, providing trading tips and information about upcoming cryptocurrency presales.
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