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SUI has shattered its all-time high with a staggering 452% rise, setting the stage for what some analysts are calling the "next Solana." With lightning-fast transactions, native USDC support, and explosive ecosystem growth, SUI is making waves in the crypto space.
SUI Reaches New ATH Amid Market Momentum
The analyst elaborates on SUI price reaching its ATH and the specific factors that propelled the price upwards on the newest episode of the "Everything Crypto" podcast.
The key reason he maintained an optimistic view of SUI's future is that, according to his research, cryptocurrencies are generally outperforming Bitcoin at the moment. During the most recent spike, the price of SUI was able to achieve new all-time highs, marking the beginning of price discovery and demonstrating extremely robust upward momentum.
Unique Blockchain Features Drive SUI's Growth
He went on to say that the technical capabilities and performance metrics that make the blockchain unique, as well as the ongoing expansion of the ecosystem, are likely to keep this growth trend going.
With a price increase of 452% in the past year, SUI has reached an all-time high, and a 118% increase in the last month makes it the leading layer-one blockchain, Coingape shares.
Price Discovery Mode: What's Next for SUI?
Even though altcoins usually do better than Bitcoin at the moment, the "Everything Crypto" expert maintained his bullish outlook on SUI potential. We are currently in the midst of price discovery mode, following the recent breakout to new all-time highs.
He came to the conclusion that it would keep going up because of its unique technological features and performance measures, as well as its still-growing ecology.
SUI's Transaction Volume Surpasses Solana
This growth mirrors the trend in the ecosystem indicators of the blockchain, which include the overall amount of value locked, the amount of daily transactions, and the total number of active accounts. Nevertheless, not everyone was persuaded that the price of SUI will increase. Coinglass data indicated large SUI exchange inflows for two weeks in a row just yesterday, suggesting that holders may have been selling their coins on exchanges.
However, SUI eventually recorded 58 million more transactions per day than Solana, demonstrating its extremely high transaction throughput and quick time to finality. With a throughput of 297,000 transactions per second and a confirmation time of 400 milliseconds, this network is still one of the top layer-one blockchains in the competition.
USDC Launch Boosts SUI's Ecosystem
New financial products will be able to enter the DeFi market, and users will have access to digital dollar savings without having to deal with conventional banks, thanks to the recent launch of native USDC on SUI. Now that USDC is built in, services like Wormhole that provide seamless cross-chain transactions won't be necessary for bridging.
SUI Draws Comparisons to Solana
He went so far as to claim that SUI could be this crypto cycle's Solana after drawing comparisons between the two. Adding to that, he mentioned that the current market cap is approximately $6 billion, which is comparable to Solana in April 2021 before its peak price of over $250. A tenfold increase in SUI's market capitalisation would cause its price to soar to almost $22.5 per token if the company followed suit.
This adds to the token's already stellar performance as an altcoin, thanks to rising adoption and improving ecosystem indicators. According to the expert, this highlights the need of keeping an eye on major ecosystem developments, such as the introduction of new tokens and major partnerships, which have the potential to increase the demand for SUI and the value of the token.
Bybit Launchpool Adds Fuel to SUI's Rally
Bybit Launchpool's decision to support SUI as its first native token is a contributing factor to the recent price spike. This is a crucial step for Bybit and the SUI ecosystem, demonstrating the increasing enthusiasm for the token and confidence in its possibilities.
A prominent cryptocurrency analyst had hinted at a potential new high just hours before the price of SUI hit its all-time high.
Concerning this matter, Michaël van de Poppe, a prominent cryptocurrency market analyst known for his predictions, informed his more than half a million X followers that SUI, a blockchain platform that some would see as competing with Solana, was on the verge of a breakout.
He predicted a possible 23% movement from its current levels and pointed to the $1.79 mark as a crucial support level, from which the coin has previously rebounded, increasing its value by 10%. He predicted further gains, with a target somewhere between $2.25 and $2.50.
At $2.23, the SUI price is up a massive 117% from September 12.
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