Sui: The New Penny Crypto with 10% Rebound and Potential to Reach $1 Million

Sui: The New Penny Crypto with 10% Rebound and Potential to Reach $1 Million – Unveiling its Unique Offering

Updated: 04 February 2024

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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SUI tokens were introduced in May 2023 for the Sui blockchain. However, it wasn’t accused of being an unregistered security like other altcoins targeted by the SEC in lawsuits against Binance and Coinbase.

Here’s what SUI is and how it works. As well as some SUI price predictions as of June 21, 2023.

Ethereum’s Influence and the Rise of Sui

Some people say Ethereum (ETH) is more important than Bitcoin (BTC) in the world of cryptocurrencies.

Ethereum has played a big role in advancing crypto, even though BTC is the biggest and most influential coin. Smart contracts are computer programs that execute automatically when certain conditions are met. Decentralized applications (DApps) and decentralized finance (DeFi) have been made possible by these smart contracts.

People complained about Ethereum’s slow speed, which was widely known. In September 2022, Ethereum switched from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism. However, some still want a faster, more efficient, and cost-effective blockchain solution.

Sui is an attempt to improve Ethereum. This 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 Coin

Several features make Sui a fast blockchain that can handle increased traffic. The horizontal scaling feature lets you do multiple transactions at once. In addition, it can store assets directly on the blockchain, reducing transaction costs.

SUI coin is the currency for the SUI blockchain. Storage space on the platform and network transactions are paid for with it. The SUI coin can be staked to earn rewards and bought, sold, and traded.

Sui (SUI) Statistics

Data shown on Coinmarketcap

Current Price$0.8057
Hour Trading Volume$212,474,03724 –
Hour Price Change0.6% Up
Circulating Supply604,047,436
All – Time High$1.7176 (On May 03, 2023)

SUI Price History

SUI coin is the currency for the SUI blockchain. In addition to paying for storage, it covers the cost of transactions across the network. People can buy, sell, and trade SUI coins on various exchanges to earn rewards.

When the coin went on the open market on May 3, 2023, it was worth $1.71, still its highest price. However, it started dropping on May 24 and fell below $1. The value of SUI hasn’t topped $1 since May 31.

This decline resulted from the SEC filing lawsuits against the two biggest crypto exchanges, which led to the overall shrinkage of the crypto market. Despite not being specifically targeted by the SEC, SUI still had a negative impact and reached its lowest point at $0.558 on June 10th.

Since then, SUI has recovered, and on June 21, 2023, it was valued at around $0.81. Out of 10 billion coins, there are 600 million in circulation. Based on this information, it had a market capitalization of $465.8 million, making it the 78th biggest cryptocurrency.

SUI Price Analysis

The price of SUI has dropped since its launch, but it’s unclear whether it’s due to market conditions or an initial overvaluation. As of writing, the coin has lost over 27% of its value since June 5. Despite recovering almost 40% since June 10, it’s still down nearly 55% from its launch about six weeks ago.

Will SUI Break Above $.9873 Level?

If we look at the daily chart, SUI might reach a resistance level of around $1.10 if it moves up toward the high end of its trading range. At this point, traders can expect buyers to support further price increases actively so that the coin could gain more.

Alternatively, the price could drop rapidly or experience a sell-off if it reaches a crucial support level of around $0.580. Traders might see SUI break above the upper limit of its trading range if the price doesn’t reach that support level.

As long as the bullish trend continues, SUI could face resistance at $0.9873, $1.10, and $1.25. If the market drops below the trading range, SUI/USD may find support at $0.73, $0.64, and $0.58.

The Relative Strength Index (RSI) measures how strong a stock is. The index might be able to gain more if it goes above 50.

SUI/USD Medium-term (4H Chart)

Traders hope the coin will recover its previous momentum based on the 4-hour chart. They expect it to regain its previous momentum once it breaks above the upper boundary of its current trading range.