Can SUI Price Advance Upwards to Higher Levels & Reach $1?

Sui is a unique Layer 1 blockchain and smart contract platform that makes digital asset ownership fast, private, secure, and accessible to everyone. 

Its object-centric model, based on the Move programming language, enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unmatched speed at low cost. 

Sui is a breakthrough in blockchain and a platform on which creators and developers can build amazing, user-friendly experiences. Through features such as horizontal scaling, composability, sparse replay, and on-chain storage, Sui’s architecture solves pain points common to first generation blockchains. 

At launch, Tusk and Narwhal were the default consensus algorithms used by Sui, although Bullshark replaced Tusk as the primary option in August 2022. These measures were taken to reduce latency issues and ensure that validators with slower processing speeds can still contribute to the project. 

Tusk can continue to be used by updating its source code. But simply put, Narwhal is used as a mempool to ensure that data submitted to consensus is available, and Bullshark (or Tusk) sets standards for organizing that data so that the consensus engine can read it. 

This is part of another innovation offered by Sui: the Directed Acyclic Graph (DAG) mempool. Combined with innovative scaling solutions, it is expected that the blockchain will be able to achieve speeds of over 297,000 transactions per second.

Let’s Have A Look At SUI Price 1-D Chart.

Sui crypto optimized by 4.11% in market value and plummeted by 51.92% in trading volume in the last 24 hours, as per CoinMarketCap. Its market value is $582,645,143 and its trading volume is $150,755,462. There are 965,577,711 SUI in circulation.

The SUI/USD crypto pair has a current market price of $0.6039 with an intraday fall of 2.36%.

The price movement shows that the SUI has formed a bullish pattern known as the falling wedge pattern and seems like it has room to run higher.

Furthermore, it seems like the crypto might be geared for a sensational uptrend rally. As it prepares to unleash the potential to topple resistance level and soar to new zeniths from the current level.

The chart performance showed a 14.74% jump in the past three months; 33.09% in one month; and 20.52% in the past week. This shows the traits that the SUI crypto is in a strong uptrend and has a strong momentum.

Therefore, if buyers sustain the pressure, SUI price might rise strongly from the current level. 

The possible target for SUI price is $0.700. On the contrary, if SUI fails to hold its ground and slips past the $0.500 level, it may fall further.

SUI crypto price is above the 20, and 50-day EMA’s  (exponential moving average). The EMA is giving good support for the price, assisting the SUI price trend to go up. 

Therefore, SUI Price Prediction shows the overview that the crypto price could advance more, if the buyers gather more.

The MACD line at 0.02867 and the signal line at 0.02927 is above the zero line. Both lines have been moving above zero line and the histogram width is showing a good activity in price. 

Moreover, this shows that a bullish crossover in the MACD oscillator is anticipcated, suggesting bullish signals.

Technical Levels

Support Levels: $0.500

Resistance Levels: $0.700

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.