SUI Price Soars To New ATH, What’s Next?

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As a seasoned analyst with over a decade of experience in the crypto market, I’ve seen my fair share of price surges and market cycles. The recent bullish outlook for SUI has caught my attention due to its impressive performance and potential growth. Having closely followed the altcoin market, it’s not surprising to see altcoins outperforming Bitcoin during this phase.

On the most recent ‘Everything Crypto’ podcast, the analyst provides an in-depth explanation about how the price of SUI could reach its All-Time High (ATH), along with detailing the factors that contributed to this upward trend.

He kept bullish sentiment on SUI prospects, mainly because the general trend for altcoins is always to outshine Bitcoin in this market cycle. SUI price has been able to reach new all-time highs in the recent surge and thus entered price discovery, showing very strong upwards momentum.

He further said this was likely to continue on this growth trajectory, courtesy of continuous ecosystem expansion and technological capability and performance metrics that set the blockchain apart from competitors.

SUI Price Bullish Outlook: 118% Monthly Gain, New Highs Expected

In just the past month, the cost of the foremost layer-one blockchain, SUI, has skyrocketed by a whopping 118%. Over the course of the past year, this surge has escalated an astounding 452%, pushing it to its peak price ever.

The ‘Everything Crypto’ analyst remained bullish on SUI potential, especially now that altcoins typically outperform Bitcoin in this market phase. The recent breakout to new all-time highs and price discovery mode is underway.

Given its ongoing growth within the ecosystem and the superior technological and performance standards that distinguish it from other blockchain networks, he predicted it would keep rising.

The rise in value has followed patterns seen in various metrics within the blockchain’s environment, including the number of active accounts, daily transactions, and value locked. Yet, some remain unconvinced that SUI’s price will increase. Data from Coinglass revealed significant inflows of SUI to exchanges over the past two weeks, implying that holders may have been transferring their coins for sale purposes.

As an analyst, I’ve noticed an interesting development: At a certain point, my focus, the Stellar Universal Protocol (SUI), surpassed Solana in daily transactions, registering a staggering 58 million. This highlights SUI’s impressive capacity for transaction throughput and swift finality time. Currently, this network stands among the front-runners of layer-one blockchains, capable of processing 297,000 transactions per second and finalizing within just 400 milliseconds.

USDC Integration and Growing Ecosystem

A notable advancement is the recent introduction of native USDC on SUI, which opens up opportunities for the development of additional financial products within DeFi and provides users direct access to digital dollar savings without reliance on traditional banking systems. Since USDC is now built-in, there’s no longer a requirement for using Wormhole or similar services that facilitate smooth cross-chain transactions by bridging chains.

He compared SUI to Solana, even saying that the token could be the Solana of this crypto cycle. He added that, for now, its market cap is around $6 billion, which was what Solana was in April 2021 before it soared upward over $250 at its peak. If SUI  did the same thing, then at least a tenfold increase in its market capitalization would push its price to approximately $22.5 per token.

Beyond its ongoing expansion in the token’s system statistics and increasing popularity, this places it among the top-tier altcoins with robust performance. The analyst emphasized that keeping an eye on crucial ecosystem advancements is now vital, such as new token releases and major partnerships, which could potentially boost SUI’s demand and token value even further.

The recent surge in SUI’s price can be attributed in part to Bybit Launchpool choosing to back SUI as their initial native token. This strategic move by Bybit underscores growing enthusiasm for the token within both Bybit and the SUI ecosystem, indicating a strong faith in its future prospects and capabilities.

Renowned Analyst Predicts Rise

Just hours before the SUI price hit its peak, a well-respected cryptocurrency analyst made a prediction that it could reach a new height – a forecast that came true.

Based on Michaël van de Poppe’s analysis, who is well-known for his insights into the cryptocurrency market, he recently indicated to his over 500,000 followers on X that SUI, a blockchain platform often compared to Solana, might soon have a significant surge.

He forecasted a potential movement of more than 23% from its price levels and mentioned the $1.79 mark as the vital support the coin already had a bounce from, jumping 10%. His projection indicated that more upside could be seen, with the target falling between $2.25 and $2.50.

The SUI price changed hands at $2.23, up a whopping 117% since September 12.

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2024-10-12 21:10