Sui (SUI) has risen by more than 61%, according to the recent monthly price chart. While this growth can be attributed to Bitcoin gaining more interest as of late, Sui’s fundamentals aren’t bad either.
Where could Sui end up in the days to come? In this guide, we give our Sui price prediction based on the project’s growth drivers and the current macroeconomic conditions.
Sui Price Prediction for 2024 and Beyond
Sui’s motto of easing people into web3 by providing a web2-like interface has gotten a lot of attention. We are taking that and the current market fundamentals into account to make our Sui price prediction.
2024
SUI has been climbing the price charts ever since it bounced from its October 2023 lows of $0.3. However, the rise has been steeper since January 19th, 2024, with the candle-chart displaying a long green. It was due to the token’s listing on CoinDCX, a cryptocurrency exchange based in India. SUI’s performance since then has been volatile. However, the project is still growing thanks to the rapid developments it has been going through.
It is likely that the ease of access it provides its user base will be a big growth factor for SUI this year. Another factor that could help SUI grab more eyeballs could be Bitcoin’s growth. Halving is coming, which would determine how the entire crypto market moves.
However, it is important to take a critical look at Bitcoin’s recent pullback after many institutions liquidated their BTC holdings following the spot Bitcoin ETF approval. Even though BTC painted a long red on the candle chart on January 12th, Sui painted a long green. That indicates that it is possible that people who will be interested in SUI may not look at market fundamentals as much in 2024. As a result, upcoming developments could push the SUI price to $2.5 and beyond its current all-time high. There will be a natural correction after that. But by year-end, we predict that SUI will settle around the $2 mark.
2025
SUI has a total supply of over 10 billion, and when the mainnet was launched in 2023, only 5% of it was released. While the supply of the token is capped, there is a release schedule in place, and the more tokens are in circulation, the more tokens will be available in the market. The influx of more tokens will drop the price of SUI a bit. As of 2024, the tokens have a circulating supply of 1.1 billion, which is 11% of the token supply.
However, the community’s sentiments and future developments of the project will also have a long-term impact on the SUI price. It is likely the supply release will coincide with more partnerships. Depending on the nature of the partnership, the sentiment around SUI can be either bullish or bearish.
Investors will also be keeping a close on the innovative aspects of the SUI project. Since it is trying to provide a web2 interface in the web3 ecosystem, it will be wise to watch its adoption rate in 2025. How many non-crypto individuals will be able to on-board will be another large factor to look into.
Also, 2025 has been called the year that Bitcoin may go through another bull run. Its arrival will have a positive impact on the price of the SUI token.
Based on these aspects, we estimate that SUI can potentially pass the $5 mark in 2025, followed by a small correction and stabilization around the $4 level.
2026 – 2030
Sui can potentially lead to the creation of multiple decentralized applications thanks to its highly expressive attributes. Since it is based on the Move programming language and is object-oriented, even developers from the web2 space might focus on what SUI has to offer.
As the expressive nature of SUI penetrates the software ecosystem, we might see developers integrating SUI dapps into DeFI, social, and even GameFi applications. And since the network has been designed to be scalable, developers may find its transaction speed appealing, which is another factor that could give it a boost.
Beyond SUI’s utility-based aspects, it is also important to look at the regulatory developments in the upcoming years. Countries may design more crypto-forward laws that may help the entire crypto market to grow. This is one factor that could push the SUI price up. Our conservative estimate is based on this factor, saying that SUI will be worth $7 by 2030.
What is Sui?
Sui is described on its official website as a permissionless layer 1 blockchain that’s designed to be friendly to both developers and users.
Users may find this web3 project’s friendliness appealing when considering its web2-like interfaces that simplify web3 interactions. For developers, the simplicity comes from the project’s object-oriented infrastructure that makes programming more expressive and simple, making the creation of nuanced, decentralized applications possible.
The project’s focus on user-centricity comes from its programming language, which is Move. Move has been described as the most powerful programming language because of its dual approach.
One is its way of focusing on objects, which lessens the amount of coding required. The second approach comes from composability, which allows every transaction to be passed as an object.
The platform has a scalable infrastructure that takes care of speed, security, and affordability. Sui boasts a transaction speed of close to 300k TPS, and its time of finality is close to 400 milliseconds, which puts it above Solana, Avalanche, and even Ethereum.
These factors have contributed to making Sui popular among many investors. The official website shows that it has 9.5 million active accounts, and so far, there have been more than 1.7 billion transactions on the project.
History of SUI Blockchain
SUI first came into the picture when its testnet went live in August 2022. It introduced people to a user-friendly ecosystem. However, because of the then-ongoing crypto winter, it didn’t get much traction.
Mysten Labs is responsible for the creation of this project. The company is run by senior executives of Meta’s Novi, a now-defunct digital wallet program.
Despite the lukewarm reception of the testnet, the project’s developers were able to raise more than $300 million in a Series B funding round in September 2022. Those involved in its funding included VCs like Circle, Lightspeed Venture Partners, Binance Labs, NCSoft, and a16z.
While Mysten Labs laid the foundation of the project, SUI Foundation has been given the right to support the community built around it. Per the project’s mission statement, it seeks to onboard the next billion users to the web3 to advance the global adoption of blockchain technology.
SUI’s mainnet went live in May 2023, which coincided with multiple cryptocurrency exchanges listing the project. Since then, the project’s Total Value Locked (TVL) has gone up by more than 1000%, surpassing Bitcoin and Cardano.
According to DeFiLlama, SUI ranks #9 in terms of total value locked. So far, $484 million worth of SUI tokens have been locked. $4 million of it has been locked by Binance.
At press time, Sui is home to 25 DeFi protocols, and of the Total Value Locked for all chains, it owns 0.84%. This makes Sui one of the best DeFi tokens to buy.
SUI Price History
Sui unveiled its mainnet on May 2023 after which it was picked by multiple cryptocurrency exchanges. The token quickly gained a bullish price action and crossed the $1 threshold shortly after release.
However, the project found itself following a downtrend, which led to it bottoming out below the $0.4 mark in October 2023. Thankfully, another bullish movement started behind this token, thanks to its unique prospects, and it climbed the price charts in a linear fashion.
The project then went up even higher upon entering 2024 and crossed the $1.5 threshold to reach its all-time high. At press time, it is maintaining a market capitalization of more than $1.7 billion and a 24-hour trading volume of around $339 million.
SUI Price Analysis and Profit Potential
SUI began to gain traction as soon as it entered 2024, becoming one of the top gainers in the market right now. However, what lies beyond this token? Can it become the next big crypto?
The platform has strong fundamentals to push it forward. For one, it integrates the best elements of Web2 and Web3, which means that it has the potential to onboard newcomers to the crypto space. Secondly, Bitcoin is now going through a semi-bullish phase, which can push this token even further.
On the daily price chart, the project has painted a jagged upward pattern. It is continually moving upwards, with small red candles appearing every now and then. The reason is the current fear and greed index is inclining more towards the fear side due to the upcoming halving, which has created a sentiment of uncertainty. No one can say whether this halving will bring more bullish sentiment around the crypto market.
However, the token’s long-term prospects still look good. Fibonacci Retracement analysis of the price chart shows that if the token is able to settle on its support of $1.34, it may hit an accumulation range. But a drop below it can push this token just above the $1 mark.
Conversely, if the token is able to move past its $1.49 resistance (0.382 fibs), it can move up further to retest $1.6. For 2024, it is possible for this token to hit $2 by year-end.
Overall, the token has enjoyed a lot of hype since the beginning of 2024. CoinMarketCap and Twitter show that people are more than willing to give it a chance. However, it is wise to be mindful of the future developments of the projects and look at the market as a whole, for it will determine how well this project is fair in times to come.
Check out this video to get a more comprehensive SUI price prediction.
Is SUI a Good Investment in 2024?
SUI has been in the works since 2022. However, it is only after October 2023 that it has started to gain a lot of traction thanks to its fundamentals. While the project has a quite complex whitepaper, it’s core fundamentals of implications are understandable.
Additionally, it has introduced multiple factors to make development within the blockchain ecosystem easier. For instance, it has introduced dynamic fields to provide more flexibility to builders.
The project has also made waves in the GameFi ecosystem thanks to its support for League of Entropy’s drand beacon. This will provide random numbers that could become a big factor in the Bitcoin betting market.
Furthermore, the smart contracts of this project are also upgradable, which makes the project future-centric. Other perks, such as sponsored transactions, keep the gas fees low.
When it comes to inclusivity, it has established standards for displays and kiosks, making them more accessible. The addition of Zero Knowledge Proofs is part of its cryptographic model, which makes this chain secure.
Big market players understand these attributes already, as evidenced by their partnership with Binance and other leading cryptocurrency exchanges. If we take these factors into account, SUI looks like a good investment.
Explore our how-to-buy SUI guide to discover some of the best crypto exchanges that have listed the token.
Factors Driving the SUI Price
Here are some of the key factors that are currently driving the price of SUI:
Innovative Fundamentals
SUI presents users with innovative fundamentals, which means it is not completely reliant on the macroeconomic activity of the financial markets. It aims to make Web3 more appealing, and it is trying to introduce more developments to its ecosystem.
Furthermore, the project has also provided documents and training modules to help developers learn about the Move programming language and how to use it to develop applications on the SUI blockchain. Additionally, there are also grants being given to those willing to use SUI to develop their decentralized applications.
That can push the SUI adoption rate.
Bitcoin’s Price Action
Bitcoin started climbing the crypto charts since the beginning of 2023 thanks to the market’s desire to come out of the long crypto winter. The banking crisis further pushes the crypto’s value up.
Then began a slew of applications for the approval of spot Bitcoin ETF. Every price pump that Bitcoin had in 2023 was due to the anticipation around the approval of the applications. That allowed Bitcoin to blow past the $40k mark in Q3 of 2023. Now that spot Bitcoin ETF applications are approved, Bitcoin may be heading toward its next big target, $50k.
Halving is another big factor coming for Bitcoin this year, which could push or drop its value. How Bitcoin performs could have major implications on the price movements of Sui. If post-halving sees more people becoming excited about Bitcoin, the SUI price can go up, too.
Check out our guide on how to buy crypto this year.
The Rise of Utility Tokens
Utility tokens have been increasing in the market since 2023. Each of them has been bringing multiple utilities. With SUI, however, the utilities are all-encompassing as the project aims to change the foundation of how decentralization applications are made.
As developers come up with more simplified tools to interact with the web3 ecosystem, utility tokens can see mainstream adoption. This could become bullish news for SUI and similar tokens.
Is Sui the Best Utility Token to Buy This Year?
Sui is a cryptocurrency project with more than a few upsides. Its inclusive factor is appealing to users, and its ease of development factor is enticing for developers. Furthermore, the token’s current backing shows that many venture capitalists are hoping for this project to become a success. Due to these positive attributes, things are looking good for the cryptocurrency market.
However, we have to watch this token for a longer term to judge its long-term viability. The market is still volatile, which is why investors must look for alternative utility tokens with simpler fundamentals and massive growth potential.
One of these tokens is the Bitcoin Minetrix. It has simple attributes that could make it the next crypto to explode this year.
Bitcoin Minetrix
Bitcoin Minetrix is a blockchain project that brings staking and mining together while making the ecosystem more inclusive for all. The main purpose of this project is to address the shortfalls of the traditional cloud mining ecosystem and give users a way to mine Bitcoin in an easy and democratized manner.
Powering this project is BTCMTX, an ERC-20 token that can be staked to generate mining credits. These mining credits, which are non-transferable crypto assets, can be burned in order to buy mining time. Once the mining time is complete, mined Bitcoin will be transferred to the staker’s wallet.
This tokenization of the cloud mining ecosystem is more secure, requires no upfront costs, and is more affordable. Furthermore, since the project’s stake-to-mine attribute has both staking and mining, investors can benefit from both.
Staking the tokens will also give users lucrative APY rewards. Staking rewards will be distributed over a period of two years, and the reward rate has been kept high for maximum participation.
Due to Bitcoin Minetrix’s accessible fundamentals, it can be considered a better investment as compared to SUI.
Our Verdict
SUI climbed the price charts to reach its all-time high in 2024 thanks to its core fundamentals and sentiments around Bitcoin. While it has been in the works since 2022, the project has only been recently revealed. And even though the project has been on an uptrend since Q3 2023, a corrective phase may be coming soon.
Therefore, it is important to look for better alternatives to Sui. In this guide, we have presented Bitcoin Minetrix as a better option. This project has simpler fundamentals, merges staking and mining together, and offers two ways to earn crypto.
Furthermore, the project is available as a multi-staged presale in which it has already raised more than $10 million. The tokens are going out fast. Those who want to make early moving gains can visit bitcoinminetrix.com and buy BTCMTX at a discount price of $0.0132.
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FAQs
Where can I buy SUI?
SUI is available on top crypto trading platforms like Binance, KuCoin, Bybit, and several others. Anyone who wants to buy the token safely should use any of the crypto exchanges.
Is SUI a good investment?
SUI has multiple positive attributes. It is trying to bring more innovation to the blockchain space through its object-oriented approach. It has been founded by those who have worked with Meta in the past, and it is making web3 more approachable. Furthermore, it has experienced a good price action this year. Taking these factors into account, it is a good investment. However, the project is yet to offer more proofs that could make us consider it viable as a long-term investment.
Does SUI have a promising future?
Sui is currently following an uptrend. However, a correction might be coming soon. That being said, its future is still bright as it might reach $2 by the end of 2024. It may also climb up the price charts in 2025 and beyond.
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