Sui (SUI) Price Prediction 2023-2030: Will SUI Price Hit $2 Soon?

• Bullish SUI price prediction ranges from $1.532 – $1.588.
• SUI price might also reach $1.7 this 2023.
• SUI’s bearish market price prediction for 2023 is $1.265.

Ever since its launch, SUI has caught the attention of the crypto community, and the demand could be observed across various digital public spheres. Sui describes itself as an innovative, decentralized Layer 1 blockchain that “redefines asset ownership.” Sui aims to provide a flexible network, enhancing the speed and reducing the cost of fees.

As Sui hopes to spread across various projects and individuals, it could affect its native token. SUI, the native token of Sui, is utilized as a means to pay for gas. Moreover, SUI holders can stake their tokens and gain voting power. However, whether its upcoming developments would drive the price of SUI upwards or downwards? 

Let’s now take a detailed look at the SUI network’s operations and its native token, SUI. Moreover, this article will conduct a comprehensive analysis of SUI and forecast the price for 2023, 2024, 2025, 2026, till 2050.

Sui (SUI) Market Overview

What is Sui (SUI)?

Sui describes itself as an innovative, decentralized Layer 1 blockchain that “redefines asset ownership.” Sui aims to provide a flexible network, enhancing the speed and reducing the cost of fees. Moreover, Sui utilizes the consensus mechanism of delegated Proo-of-Stake (dPoS) blockchain. Sui was written in Rust and supports smart contracts that were written in Sui Move.

Sui Move is a native programming language for the network, aimed to help blockchain developers to build applications with enhanced performance, security, and rich features. Moreover, Sui Move was an improvement based on the Move language. 

Furthermore, Sui has an object-centric design approach that uses objects as its basic unit of data storage. The developers could define, create, and manage these objects. Among the many features, the object uses distinct attributes such as ownership, and the values would be updated based on the “governing logic of the smart contract that created it.” 

SUI is the native token of the Sui network. SUI is used to pay fees and execute transactions within the network. Moreover, SUI holders can stake their tokens with validators in the dPoS model and enhance the security of the network. SUI holder also earns the right to participate in the voting on-chain proposal which decides the protocol upgrades and other Sui governance changes.

Sui hopes to create “transformative experiences” for various industries and individuals. In the gaming industry, Sui hopes to transform the gaming experience through the introduction of expressive smart contracts. Sui also hopes to develop the Finance sector by enabling instant peer-to-peer payments and asset transfers. Finally, Social networks built on Sui will allow media, posts, and interactions to be owned by their creator and verifiable by users. 

SUI Current Market Status

SUI is ranked in the 65 position based on its market capitalization, according to CoinMarketCap. The current circulating supply of the SUI network’s native token is 528,273,718 SUI, while its total supply is 10,000,000,000. 

Moreover, SUI is priced at $1.34, experiencing a 70.44% fall in seven days. With a market cap of $705,071,556, SUI also witnessed a 1.97% fall in 24 hours. Moreover, SUI is experiencing a fall in its demand as the trading volume, valued at $573,585,524, experienced a fall of 71.31%% in one day.

Some of the crypto exchanges for trading SUI are currently Binance, OKX, CoinW, Bybit, and Bitget.

Now, let’s dive further and discuss the price analysis of the Sui network’s native token, SUI, for 2023.

SUI Price Analysis 2023

Will SUI’s most recent improvements, additions, and modifications help the price of cryptocurrencies rise? Moreover, would the changes in the blockchain industry affect SUI’s sentiment over time? Read more to find out about SUI’s 2023 price analysis.

SUI Price Analysis – Bollinger Bands

The Bollinger Bands is a technical analysis tool that is used to analyze price movement and volatility. Bollinger Bands (BB) utilizes the time period and the stand deviation of the price. Normally, the default value of BB’s period is set at 20. The Bollinger Bands consists of upper and lower bands which can be used together, along with the middle line(simple moving average), to determine whether the price would rise or fall. 

The upper band of the BB is calculated by adding 2 times the standard deviations to the middle line, while the lower band is calculated by subtracting 2 times the standard deviation from the middle line. Based on the empirical law of standard deviation, 95% of the data sets will fall within the two standard deviations of the mean. As such, the prices of the cryptocurrency, when the Bollinger bands are applied should stay within the upper and lower bands 95% of the time is the concept behind this.

As it launched recently, analyzing SUI will be conducted for the short-term period. Currently, SUI is trading in the lower half of the Bollinger Band, which is considered a weak trend. The weak trend formed after SUI’s candlestick reached above the upper band while experiencing high volatility in the market. 

Moreover, recently, SUI’s candlestick has gone below the lower band, indicating that SUI has reached the oversold region. It looks like SUI has already started its climb toward the top half of the Bollinger Bands, which is the uptrend area. However, it still remains a question if SUI would remain in the top half of the indicator.

SUI Price Analysis – Relative Strength Index

The Relative Strength Index (RSI) is a momentum indicator utilized to find out the current trend of the price movement and determine if it is in the oversold or overbought region. Traders often use this tool to make decisions about when to buy or sell the tokens. When the RSI is often valued below or at 30, it is considered an oversold region, and a price correction could happen soon. Moreover, when the RSI is valued above or at 70, it is considered as the overbought region, and traders expect the price could fall soon.

The RSI is valued at 53.21, indicating that there is still a slight uptrend in SUI’s market. Moreover, the RSI is above the SMA which is another positive sign. However, the RSI is also pointed downwards, indicating that the slight bullish sentiment could end soon. Ideally, it would be best for long-term traders to wait for confirmation before trading with SUI. 

Another possibility would be that RSI may touch the SMA and then experience a quick trend reversal, continuing to stay in the strong trend region of the RSI between the values of 50 and 70. 

SUI Price Analysis – Moving Averages

Looking at the charts, SUI’s MA indicators have recently observed a golden cross, where the 50MA crossed above the 200MA. The golden cross is a positive sign that SUI would experience a bullish sentiment. If the candlesticks continue to trade above the indicator, then, SUI would continue to remain above the indicators. Moreover, the distance between the indicators continues to increase after the formation of the golden cross, indicating that SUI’s bullish sentiment would continue for some time.

SUI Price Analysis – Moving Averages Convergence Divergence (MACD)

The Moving Average Convergence Divergence (MACD) indicator can be used to identify potential price trends, momentums, and reversals in markets. MACD will simplify the reading of a moving average cross easier. The MACD indicator is calculated by subtracting the long-term EMA (Exponential Moving Average) indicator from the short-term EMA. Normally, the default values for the MACD are set at 12-day EMA, 26-day EMA, and 9-day EMA. Moreover, MACD is considered a lagging indicator as it cannot provide trade signals without any past price data. 

Traders have reported that occasionally the Moving Average could create false signals about the price momentum, however, MACD plays an important role as it can confirm the trends and identify the potential reversals.

Furthermore, there are two methods through which traders can speculate the price’s momentum: the crossover method and the histogram method. In the crossover method, when the MACD line crosses above the signal line, the trend could change from a downtrend to a long trend. However, if MACD crosses below the signal line, this could indicate the start of a downtrend.

In the Histogram method, the bars above the signal line indicate an uptrend. Meanwhile, the Histogram bars below the signal line indicate a bearish trend.

The MACD line is currently above the signal line, which indicates that SUI is riding with the bulls. However, the formation of the green candles is reducing, indicating that the SUI could face the bears’ raid soon. There is also a high possibility that SUI could continue to remain in the bulls’ power, if the distance between the MACD line and the signal line continues to expand over time.

SUI Price Prediction 2023-2030 Overview

SUI Price Prediction 2023

The chart highlights that SUI is currently experiencing a bullish trend as the price is above the 200MA. However, the candlesticks are moving closer to the Weak low region. If the candlestick touches the Weak Low, then, there is a high probability that SUI starts its climb towards the Resistance.

Moreover, the ADX is currently valued at 20.26, indicating that there is a weak strength for the current trend. Weak Low continues to act as a main critical point for SUI as it is the last defense before it falls into the Support region. 

Meanwhile, the price prediction of SUI for 2023 remains to be bullish and is expected to reach beyond the level of $1.5. The bearish price prediction range for SUI is between $1.265 to $1.2517. However, if SUI experiences extreme bullish sentiment, then it would reach the $1.7 level.

SUI Price Prediction 2024

Traders are looking forward to this year as it could be a historic moment for cryptocurrencies, as the Bitcoin halving is expected to happen in 2024. Most of the time, whenever BTC rises, traders have observed a similar surge in the altcoins. SUI could also be affected by Bitcoin halving and could trade beyond the price of $1.8 by the end of 2024.

SUI Price Prediction 2025

SUI could still experience the after-effects of the Bitcoin halving and is expected to trade above its 2024 price. Many trade analysts speculate that BTC halving could create a huge impact on the crypto market. Moreover, similar to many altcoins, SUI will continue to rise in 2025 forming new resistance levels. It is expected that SUI would trade beyond the $2.04 level.

SUI Price Prediction 2026

It is expected that after a long period of bull run, the bears would come into power and start negatively impacting the cryptocurrencies. During this bearish sentiment, SUI could tumble into its support region of $1.94. Moreover, when SUI remains in the oversold region, there could be a price correction soon. SUI, by the end of 2026, could be trading beyond the $2.28 resistance level after experiencing the price correction.

SUI Price Prediction 2027

Naturally, traders expect a bullish market sentiment after the crypto industry was affected negatively by the bears’ claw. SUI is expected to rise after its slumber in the bear season. Moreover, SUI could even break more resistance levels as it continues to recover from the bearish run. Therefore, SUI is expected to trade at $2.43 by the end of 2027.

SUI Price Prediction 2028

Once again, the crypto community is looking forward to this year as there will be a Bitcoin halving. Alike many altcoins, SUI will continue to form new higher highs and is expected to move in an upward trajectory. Hence, SUI would be trading at $2.79 after experiencing a massive surge by the end of 2028. 

SUI Price Prediction 2029

2029 is expected to be another bull run due to the aftermath of the BTC halving. However, traders speculate that the crypto market would gradually become stable by this year. In tandem with the stable market sentiment and the slight price surge expected after the aftermath, SUI could be trading at $3.12 by the end of 2029.

SUI Price Prediction 2030

After witnessing a bullish run in the market, SUI and many altcoins would show signs of consolidation and might trade sideways for some time while experiencing minor spikes. Therefore, by the end of 2030, SUI could be trading at $3.35.

SUI Price Prediction 2040

The long-term forecast for SUI indicates that this altcoin could reach a new all-time high(ATH). This would be one of the key moments as HODLERS may expect to sell some of their tokens at the ATH point. However, SUI may face a slight fall before starting its upward journey once again. It is expected that the price of SUI could reach $4.27 by 2040.

SUI Price Prediction 2050

The community believes that there will be widespread adoption of cryptocurrencies, which could maintain gradual bullish gains. By the end of 2050, if the bullish momentum is maintained, SUI could surpass the resistance level of $7.89.  

Conclusion

To summarize, if investors continue to show interest in SUI and add these tokens to their portfolio, then, it could continue to rise up. SUI’s bullish price prediction shows that it could pass beyond the $1.532 level. Moreover, SUI could surpass the $7.89 level by the end of 2050. 

FAQ

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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