CoinJiexi News Report:
SUI, the native token of the Sui blockchain, shares some interesting similarities with Solana’s rapid rise in 2021. As the cryptocurrency market shows signs of recovery, SUI’s performance has caught the attention of investors and analysts, including our WatcherGuru team.
The Rapid Rise of SUI: From Comparison to $900 Million TVL Milestone
The value of SUI and the growth of its ecosystem have recently surged, leading many to compare it to Solana’s breakthrough performance during the bull market in 2021.
Chart patterns reflect the pre-surge stage of Solana
The token’s price trend bears striking similarities to chart patterns before Solana’s significant price increase in 2021. The token has been building a solid foundation, often interpreted as a signal of potential breakthrough.
Ecosystem expansion driving growth
The ecosystem of the Sui blockchain has recently expanded rapidly, attracting the attention of developers. They often appreciate its fast operation speed and low transaction costs.
This growth reflects Solana’s early positioning when it positioned itself as an Ethereum alternative for building decentralized applications.
Increasing community interest
A thriving community has played a vital role in driving the token’s growth. The token has been cultivating loyal followers, reminiscent of Solana’s passionate community, which played a crucial role in its success in 2021.
Here is Telegaon’s SUI price prediction:
As you can see, the token has the potential to replicate Solana’s past situation. Will it? Only time will tell.
“If you are a holder, SUI token could be a good investment. According to our price prediction, Sui token’s price could reach new highs this year. By 2025, based on market trends, we anticipate an average price of $4.18. If the current growth continues, our highest price prediction for Sui token will reach $5.36 in 2025. If the market turns bearish, the lowest price level for SUI token in 2025 could be around $3.23. However, if the market remains bullish, the price of Sui token in 2025 could exceed our predictions.”
CoinCodex has the following evaluation of SUI’s price prediction:
“Based on our current Sui Crypto price prediction, Sui Crypto’s price is expected to rise by 231.07% and reach $5.36 by October 23, 2024. According to our technical indicators, the current sentiment is bullish, and the fear and greed index is shown as 50 (neutral). Sui Crypto has recorded 18/30 (60%) green days in the past 30 days, with a price volatility of 21.07%. According to Sui Crypto predictions, now is a good time to buy Sui Crypto.”
Total Value Locked reaches $900 million
The Total Value Locked (TVL) of SUI has reached an astonishing $900 million, marking an important milestone. This metric is often used to measure the health and adoption level of blockchain ecosystems, especially in the decentralized finance (DeFi) sector.
While the trajectory of SUI’s development still shows some hope, it is important to note that the cryptocurrency market is known for its ups and downs. Make wise investment decisions only.
The future performance of the token will depend on various factors, including broader market conditions and the continued development of the Sui ecosystem.
As the token continues to garner attention, market participants are closely monitoring its movements, hoping to achieve the best results. The next few months will be crucial to see if the token can truly echo the bull market of Solana in 2021. We will report any new developments as soon as possible!