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$SUI surged over 90% in 30 days, reflecting its rapid growth in developer and user adoption, showcasing increased activity and market interest.
Sui functions on a smart contract platform managed by an open group of validators, enhancing the network’s security. The native token, $SUI, facilitates gas fee payments and supports staking in a Delegated Proof-of-Stake model, allowing users to actively engage in consensus and potentially earn rewards.
A standout feature of Sui is its capability to achieve parallel consensus on independent transactions, resulting in improved scalability. The positive momentum positions Sui as a notable player in the Layer 1 blockchain and smart contract platform, with investors closely watching its continued advancements and adoption trends.
This article delves into the future trajectory of Sui’s price and the factors driving its surge. For a more comprehensive analysis, check the video below, and subscribe to Jacob Crypto Bury’s YouTube channel for additional crypto price prediction videos.
Jacob also manages a Discord server with 20,000 members, providing trading tips and insights on upcoming crypto presales.
Sui Blockchain Network Receives Backing from Alibaba Cloud in New Collaborative Venture
On January 24th, Sui, the expanding blockchain network, witnessed a surge in token price, propelled by heightened support from Alibaba Cloud. Beyond development tools, Mysten Labs’ collaboration with Alibaba Cloud will extend to supporting incubator projects and hosting hackathons in key strategic locations like Hong Kong, Singapore, and Dubai.
The focus is on nurturing the growth of the Sui network’s ecosystem, fostering smoother transactions, and facilitating easier onboarding for builders on Alibaba Cloud.
This joint effort also represents a significant advancement in blockchain accessibility by integrating Alibaba Cloud services with Scale3 Labs’ Autopilot platform, enabling developers to deploy Sui full nodes effortlessly.
Furthermore, Alibaba Cloud will provide comprehensive observability tools for blockchain nodes, featuring essential functions such as monitoring and AI-enabled logging. The collaboration also extends to the development of AI-assisted tools for ChainIDE, enhancing the overall blockchain development environment.
$SUI Crypto Price Prediction
As of the current writing, Sui is valued at $1.54, boasting a 24-hour trading volume of $1.22 billion and a market cap of $1.57 billion. In the past 24 hours, the $SUI price has surged by 14.47%. The 10-day Simple Moving Average (SMA) registers at $1.14, while the 100-day SMA stands at $0.73.
With Sui’s 14-day Relative Strength Index (RSI) at 59.84, signaling a neutral state, technical indicators favor the bulls, reinforced by a supportive volume trend. This suggests a positive trajectory, and it is anticipated that the $SUI price will steadily approach the $2 milestone shortly.
According to technical analysis, the $SUI price is anticipated to surpass $2.24. By year-end, a minimum price of $1.24 is projected for Sui, with the potential for reaching a maximum of $3.42.
For more details, check out our SUI price prediction guide.
Sui Blockchain Surpasses $400 Million TVL, Emerging as Top DeFi Protocol
In a notable development, Sui, a distinguished Layer 1 blockchain created by the team behind Meta’s Diem stablecoin project, has achieved a significant milestone by exceeding $400 million in Total Value Locked (TVL).
This accomplishment elevates Sui into the top tier of DeFi protocols, ranking within the top 10 blockchains in TVL, surpassing even Bitcoin. This reflects a burgeoning DeFi ecosystem supported by a strong community and a wealth of developer talent.
The remarkable growth is attributed to Sui’s advanced technology, attracting builders and protocols, with Solend being the latest addition. Alongside its TVL trajectory, the Sui Network has surpassed $100 million in bridged stablecoins and demonstrated a transaction processing speed of 297,000 transactions per second.
🎉BREAKING: Sui is now in the Top 10 of all chains by Total Value Locked at more than $402M TVL, per @DefiLlama!
Thank you to the DeFi protocols and Sui community that made this achievement possible! pic.twitter.com/59JfsVWSzI
— Sui (@SuiNetwork) January 27, 2024
Additionally, Sui has exceeded Bitcoin in total historical on-chain transaction count, showcasing scalability, efficiency, and the ability to facilitate seamless, secure, and rapid transactions.
The capability to handle a high transaction volume while maintaining optimal network performance has been instrumental in supporting this DeFi growth. Sui recently set a new record for the highest number of transactions processed in a single day by any blockchain in history.
Conclusion
The optimistic trajectory of Sui is foreseen to persist throughout 2024, propelled by the introduction of more Sui-related financial services and a surge in global adoption. The buzz surrounding the imminent Sui Basecamp conference in Paris underscores the project’s dedication to community involvement and ecosystem advancement.
This gathering provides a collaborative space for developers, partners, and enthusiasts to contribute to the continuous growth and evolution of the Sui Network.
With projections pointing toward significant growth in the upcoming days, the Sui Network stands out as an appealing investment opportunity for those seeking to capitalize on blockchain technology’s transformative potential in the crypto market. For more insights into cryptocurrencies with high upside potential, visit our articles on the best crypto to buy now.
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