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Sui’s price surged by 51% last week, highlighting the remarkable success of Sui DeFi developers and strengthening its presence in the crypto space. The surge, along with a substantial spike in Total Value Locked (TVL), suggests growing trader interest and anticipation of a substantial rebound in 2024.
The Sui Network, a layer-1 blockchain, has reported an impressive 1350% increase in the last six months. According to DeFi Llama market analysis, Sui’s current TVL stands impressively at $318.43 million.
In this article, we will explore the potential future value of $SUI in the upcoming 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 1 blockchain and smart contract platform meticulously crafted to revolutionize digital asset ownership, prioritizing speed, privacy, security, and accessibility for all.
Founded on the Move programming language, its object-centric model facilitates parallel execution, sub-second finality, and strong on-chain assets. Offering horizontally scalable processing and storage capabilities, Sui delivers unparalleled speed and cost-efficiency for a diverse range of applications.
Positioned as a transformative leap in blockchain technology, Sui empowers creators and developers to craft exceptional, user-friendly experiences. Unique architectural features, including horizontal scaling, composability, sparse replay, and on-chain storage, address common challenges of earlier blockchains.
Horizontal scaling ensures parallel processing of transaction groups, avoiding bottlenecks. Composability allows direct passing of assets into function arguments, fostering flexibility in data structures and asset storage.
Sparse replay eliminates unnecessary tracking of unrelated decentralized application (dApp) transactions, optimizing on-chain data querying. On-chain storage, directly incorporating assets as objects, bypasses Merkle tree indexing, enhancing scalability and cost-effectiveness alongside conventional methods like IPFS.
$SUI Crypto Price Prediction
On May 3, 2023, Sui achieved its peak value at $1.83. Presently, the Sui crypto price stands at $1.25, accompanied by a 24-hour trading volume of $1.06 billion and a market cap of $1.40 billion. Over the last 24 hours, the $SUI price experienced a 6.78% decrease.
With a 14-day RSI of 76.87, Sui crypto appears undervalued. The 10-day Simple Moving Average (SMA) is 1.03, and the 100-day SMA is $0.63, indicating a positive outlook. Support levels are set at $1.21 and $1.05, while resistance levels exist at $1.45 and $1.52.
A continuation of the bullish pattern could propel the $SUI price to $1.45, but a reversal may lead to a drop to $0.89. Forecasts suggest Sui crypto trading within the range of $2.13 and $0.79 this year while the $SUI price prediction for 2031 is $4.75.
View the video above for a comprehensive Sui crypto price prediction analysis. Follow Jacob Crypto Bury’s YouTube channel for additional crypto price prediction content. Additionally, Jacob runs a Discord channel with 20,000 members, providing trading tips and information on upcoming crypto presales.
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