The advance of decentralised applications (dApps) places increasing demands on blockchain scalability and transaction speeds. Developers are choosing different paths to increase blockchain throughput. Some focus on creating Layer-2 solutions. Others are trying to create innovative Layer-1 products. In this article, we'll discuss Sui, a fairly young project whose creators have chosen the second path. We'll explore the Sui platform, its native token SUI, and its price predictions and try to answer the question, "Will SUI go up?".

What is Sui (SUI)?

Sui is a high-performance, scalable Layer-1 blockchain designed to power speed-demanding dApps and accelerate large-scale Web 3 implementation.

I think my obsession is really for making things that actually tailor to a user base, and our user base is developers. We have an obsession with focusing on contributing to the best platform for developers to build. The tools have to be better. The programming experience and the building experience needs to be better. The onboarding needs to be better. – Adeniyi Abiodun, Co-Founder and CPO of Mysten Labs.

The history of Sui

The Sui project is being developed by Mysten Labs, a company founded in September 2021 in California by a group of former top managers and developers from Novi Research, a division of Meta (formerly Facebook) that worked on the Diem blockchain and the Move programming language. The founding team included Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis and Kostas Chalkias.

In December 2021, the company went through a Series A funding round, raising $36 million from various funds, including Andreessen Horowitz.

In August 2022, the Sui testnet was launched.

In September 2022, the company went through a Series B funding round that raised $300 million.

At the end of April 2023, Sui's IEO was conducted on several cryptocurrency exchanges. On 4 May 2023, the Sui mainnet was presented. On 2 August 2023, the developers launched an update that adds liquid staking functionality for the SUI token.

Sui's features

The developers position Sui as a high-performance network with low transaction costs designed to run high-performance dApps.

The Sui blockchain uses the Delegated Proof-of-Stake (DPoS) consensus algorithm. Transactions are processed by sets of validators chosen each epoch based on the amount of SUI tokens staked to the validator.

A distinctive feature of Sui is that it has an object-centric design thanks to the use of Sui Move, its own programming language. While in traditional blockchains, the basic data storage unit is the account, in Sui, it's objects created and managed by smart contracts.

The Sui blockchain contains the causal history of each object from its inception. If object histories don't overlap, transactions can be processed in any order or in parallel. Thanks to this feature, Sui can process groups of transactions in parallel but without the risk of double-spending. Due to this feature, horizontal scalability of the network is achieved. The theoretical throughput of the Sui blockchain can exceed 120,000 transactions per second with an average transaction processing speed of about 2 seconds.

Moreover, the transaction processing procedure depends on whether the transaction involves an "owned" object that can be modified by only one user or a "shared" object that can be modified by more than one user. In Sui, consensus is only required when a transaction involves shared objects. In such cases, Sui uses the Narwhal DAG-based mempool and the efficient Bullshark Byzantine Fault Tolerant (BFT) consensus.

For simple transactions, Sui uses an algorithm called "Byzantine Consistent Broadcast" to process the transaction without consensus while not compromising security.

SUI is the native token of the Sui network with the following uses:

1. Staking. Tokens can be staked to a validator to secure the network.
2. Gas fees. Tokens are used to pay transaction fees.
3. The native cryptocurrency. A means of exchange and a store of value in the Sui ecosystem.
4. Governance. In the future, the developers plan to give token holders the right to participate in important decisions about the network via on-chain voting.

How to buy and sell Sui

SUI is a fairly popular crypto asset, ranking among the top 100 cryptocurrencies by market cap. It's listed on many crypto exchanges, including major ones, so selling and buying it isn't a problem.

Sui (SUI) price analysis

As of 29 August 2023, the SUI token ranked 81st among cryptocurrencies by market capitalisation at $394,003,180.

SUI price statistics (as of 29/08/23)

SUI's price history

After the token was listed on cryptocurrency exchanges, its price began to fall. The decline continued until 10 June 2023. This was followed by a price recovery, which didn't last long, and the drop continued after 22 June.

On 18 August, the SUI's price reached its all-time low, and it started recovering again.

SUI/USDT price chart on-line

SUI technical analysis

On 28 August, the SUI price broke down the lower boundary of the upward channel. On the 4-hour chart, the Moving Averages and MACD indicate a bearish sentiment. However, on the daily timeframe, the situation is unclear: MACD still indicates bullish sentiment, while the Moving Averages are already neutral.

The nearest support levels are $0.51 and $0.45. The nearest resistance levels are $0.626 and $0.65.

Sui (SUI) price prediction 2023

At the moment, only a small proportion of SUI tokens are in circulation. The release of the tokens will inevitably put pressure on the price. Unless there's significant growth in the crypto market as a whole or some other notable positive news for Sui, the SUI token price is likely to decline.

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Sui (SUI) crypto price prediction for 2023, 2025, 2030 and 2040

Sui is still quite a young crypto project, and its native token was listed on exchanges less than 4 months ago. Despite this, it has gained renown in the crypto world, and popular forecasting services haven't overlooked it. Let's see what they think about the token's prospects.

Wallet Investor's SUI price prediction for 2023, 2025, 2030 and 2040

Wallet Investor predicts a sharp drop in SUI's price in the near future. According to their forecast, the token price will be $0.0497 at the end of 2023 and $0.0466 at the end of 2024. The price will recover in 2025, and it'll be $0.0837 at the end of the year. However, the decline will resume, and the price will be $0.0330 at the end of 2027.

CoinCodex's SUI price prediction for 2023, 2025, 2030 and 2040

CoinCodex believes SUI's price will rise in the coming years. It'll be between $0.48 and $1.13 in 2024, in the range of $0.97 and $3.61 in 2025 and somewhere between $2.64 and $3.34 in 2030.

Cryptopolitan's SUI price prediction for 2023, 2025, 2030 and 2040

Cryptopolitan expects SUI's significant rise. They believe the average price will reach $1.25 in 2023, $1.83 in 2024, $2.58 in 2025, and $17.55 in 2030.

DigitalCoinPrice's SUI price prediction for 2023, 2025, 2030 and 2040

DigitalCoinPrice agrees that the price will rise but predicts a more moderate increase than Cryptopolitan. According to them, the token will be worth $1.14 at the end of 2023, $1.22 at the end of 2024, $1.69 at the end of 2025 and $5.62 at the end of 2030.

Alt6: DigitalCoinPrice's SUI price prediction for 2023-2032

Finance Shots' SUI price prediction for 2023, 2025, 2030 and 2040

Finance Shots makes an even more optimistic forecast than Cryptopolitan. According to their estimates, the average price of the token will be $3.67 in 2023, $6.56 in 2024, $9.26 in 2025 and $32.77 in 2030.

Price Prediction's SUI price prediction for 2023, 2025, 2030 and 2040

Price Prediction also expects SUI's price to rise. They believe the average price will be $0.70 in 2023, $1.02 in 2024, $1.49 in 2025 and $9.65 in 2030.

CryptoPredictions'SUI price prediction for 2023, 2025, 2030 and 2040

CryptoPredictions anticipate that the price will increase slightly in 2023 and will be $0.67 at the end of the year. It'll remain almost unchanged throughout 2024 and will be $0.65 at the end of the year. After that, the price will start rising at $0.89 at the end of 2025 and $1.52 at the end of 2027.

Sui (SUI) overall future value predictions

Is Sui coin a good investment?

Sui is a young project that has only recently entered the market. The ideas and solutions of the development team were acknowledged by the largest investors in the crypto industry, which helped attract the community's attention. In theory, the platform's innovative architecture can solve many of the blockchain industry's pressing problems. If the developers implement the announced plans, Sui can become a worthy competitor to major blockchain platforms like Ethereum and Solana.

However, the project also has several drawbacks to consider when deciding whether to invest in the token:

• Competition. The competition in this niche is quite intense. Many large blockchain platforms are working towards the same goal, and it's quite likely that new projects using equally innovative solutions will emerge in the coming years.
• Programming language. The Move programming language is relatively uncommon, and not many developers use it.
• Token dilution. Currently, only 7.23% of the maximum token supply is in circulation. After unlocking the tokens belonging to large investors, which is to start in spring 2024, the asset's price may fall significantly.

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Will Sui reach $1,000?

Given that the maximum token supply is 10 billion, this is highly unlikely, even in the relatively long term.

How high can the SUI coin go?

If the developers can get the project to become a serious competitor to major blockchain platforms, the SUI token price could exceed $5.00.

Sui (SUI) price prediction today

In the near future, the most expected scenario is a price decline, with a possible rebound from the support level of $0.51.