Cardano Founder Praises Sui’s Success Amid Soaring Prices

• SUI is having a significantly bullish season.
• Charles Hoskinson thinks Sui deserves the success it is currently experiencing.
• Market observers predict an SUI price rally of over 160%.

SUI, the native token of the Sui blockchain, has surged over 330% in the last two months, prompting Cardano founder Charles Hoskinson to praise the Sui team’s success. This marks SUI’s second-highest bull run, with market observers predicting it could surge another 162% to reach $4.56.

Hoskinson, in a post on X, specifically acknowledged the work of George Danezis, one of Sui’s blockchain developers. This recognition comes as SUI captures the attention of the crypto industry with its remarkable price rally.

Market observers predict SUI’s price will surge another 162% from its current level to reach $4.56 soon. Using Cardano as a benchmark, they noted that if SUI reaches this predicted price, it would have a market cap on par with Cardano’s (ADA) current $12.6 billion. At the time of writing, ADA is trading for $0.35 and holds the 12th position in the global cryptocurrency ranking on CoinMarketCap.

SUI had grabbed the crypto industry’s attention with its strong price performance over the last two months. The cryptocurrency bounced off support around $0.4623 on August 5 to rally 340% in two months. At the time of press, the data from TradingView showed SUI trading for $1.7216 after pulling back from a $2.0092 season-high, achieved on October 3.

Read also: Aptos and SUI: Outperforming the Crypto Market 

Also, it is necessary to note that SUI’s current rally marks the crypto asset’s first bullish movement since reaching an all-time high of $2.1816 earlier this year. The blockchain token surged about 510% between October 2023 and March 2024, bouncing off its lowest point of $0.3630.

This price trend has market observers predicting continued bullish momentum for SUI, with many expecting the smart contract development token to set a new record price soon.