Sui Crypto is turning the corner. After correcting sharply from March highs, SUI Price is now up +58% from August lows.
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Ethereum laid the foundation of smart contracts, opening a new vertical for users to experience and, most importantly, launch censorship-resistant dApps.
From this platform, we have seen solutions in finance, art, music, real estate, gaming, and so much more. Ethereum now commands a market cap exceeding $315 billion.
If anything, analysts predict Ethereum will reach a $1 trillion valuation in the coming years.
According to most analysts, ETH will swell, rising to over $10,000 during this time.
Even amid this, Ethereum lags in several aspects.
Fees might be down but are generally higher than alternatives. At the same time, there is a scalability question.
On the main net, Ethereum can process 15 transactions every second on optimum. It drops significantly when there is congestion, forcing gas fees even higher.
SUI Price Promises Better: Why Are Prices Down?
This is why developers came up with the Sui Network.
It is a modern-day blockchain promising security, decentralization, and high throughput, meaning high gas fees will only be localized to Ethereum.
Sui uses the directed acyclic graph (DAG) to do this, enabling parallel transaction processing that translates to high throughput.
Even after launching last year, SUI has not been spared by bears.
After rallying to $2.1 in March 2024, the token was dumped by nearly 80% by August before rebounding strongly.
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At press time, it is up 53% from August lows, but bulls, looking at candlestick arrangement, are angling for even more growth.
The recent turn of events is why some analysts are upbeat, expecting even more gains.
SUI Crypto Turning The Corner: What’s Next for SUI Price?
Taking to X, one analyst picked out a bullish signal in the weekly chart.
Citing the TD Sequential indicator, he predicts that SUI prices will likely tear higher, reaching $1.20, if they stay above the 50-week moving average.
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This forecast is massive for Sui and might catalyze demand-relieving holders, especially after the drop in the past five trading months.
Amid this bullish outlook, nearly three months after launching the Mysticeti Upgrade in May, bullish sentiment is at the highest level ever.
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The shift in holder belief is massive and may form the base of another expansion that may see SUI rally sharply.
Technically, the Mysticeti sought to push throughput even higher while drastically reducing latency. The upgrade builds on the Narwhal/Bullshark consensus mechanism, which, among other things, aims to improve responsiveness.
Beyond boosting processing speeds, more validators will likely join the network since CPU requirements are now lower.
DeepBook v3 Now In Testnet
On August 21, Sui said it was launching DeepBook V3 on testnet.
Since DeepBook aims to unify liquidity in Sui, analysts said this was one of the largest upgrades ever.
The goal of v3 is to increase further and deepen liquidity for dApps running on the network, encouraging the deployment of DeFi solutions.
Once DeepBook v3 launches on the main net, Sui developers said users will enjoy “CEX-like performance” and “the right trading functionality and deep liquidity” while transacting cheaply.
The upgrade slashes gas fees by a whopping 60%.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
