Analysts discussed the recent surge in SUI’s price and dubbed it “the Solana of this cycle.”
Despite the potential selling pressure, analysts maintain a bullish outlook on SUI’s future.
Analysts highlighted the recent launch of native USDC on SUI and support from Bybit Launchpool as important factors.
In the latest “Everything Crypto” podcast, the analyst elaborated on SUI price reaching its ATH and what exactly drove the price increase.
He remains bullish on the SUI outlook, mainly because the overall trend of altcoins always outperforms Bitcoin in this market cycle. SUI price hit a new all-time high in the recent surge, thus entering price discovery, showing very strong upward momentum.
He further stated that this is likely to continue on this growth trajectory due to continued ecosystem expansion as well as technical capabilities and performance metrics that make blockchain stand out from its competitors.
SUI price bullish outlook: up 118% in a month, expected to hit a new high
The price of leading layer-one blockchain SUI has risen 118% in the last month alone and 452% in the last year to hit an all-time high.
The “Everything Crypto” analyst remains bullish on SUI’s potential, especially now that altcoins are generally outperforming Bitcoin at this stage of the market. The recent breakout to new all-time highs and price discovery pattern is underway.
He concluded that it will continue to move higher, considering the still-expanding ecosystem and the actual technical and performance metrics that set it apart from other blockchains.
The growth tracks the movement of blockchain ecosystem metrics such as total active accounts, total daily transactions, and total value locked. However, not everyone is convinced that SUI prices will rise. Just a day ago, data from Coinglass showed high SUI exchange inflows over the past two weeks, suggesting that holders may have been sending tokens to exchanges to sell.
Despite this, SUI even surpassed Solana in daily transactions at some point, hitting 58 million, illustrating its very high transaction throughput and fast finality times. The network currently remains one of the leading competitive layer-one blockchains, capable of processing 297,000 transactions per second with a finality time of 400 milliseconds.
USDC Integration and Growing Ecosystem
Another major development is the recent launch of native USDC on SUI, which will help create more financial products in the DeFi space and allow users to access digital dollar savings without having to touch traditional banks. With the native presence of USDC, there is no need to bridge through Wormhole or similar services, enabling seamless cross-chain transactions.
He compared SUI to Solana, even going so far as to say that the token could be the Solana of this crypto cycle. He added that currently, its market cap is around $6 billion, which was before Solana surged to a peak of over $250 in April 2021. If SUI did the same, then its market cap would increase by at least 10 times, which would push its price to around $22.5 per token.
Additionally, the token’s ecosystem metrics continue to grow and adoption continues to increase, making it one of the strongest performing altcoins. The analyst said this makes it important to monitor key ecosystem developments, including new token launches and large partnerships, which could further drive SUI demand and token prices.
The latest surge in SUI’s price comes in part from Bybit Launchpool’s decision to support the token as its first native token. This is an important move for Bybit and the SUI ecosystem, demonstrating growing interest in the token and confidence in its potential and functionality.
Well-known analysts predict Rise
A widely followed cryptocurrency analyst predicted the possibility of a new peak just hours before SUI price reached its high.
In this regard, according to Michaël van de Poppe, an analyst widely recognized for his latest information on the cryptocurrency market, who told his more than half a million followers on X, blockchain platform SUI and some would consider a competitor to Solana, is about to experience a breakthrough.
He predicts that its price levels could fluctuate by more than 23%, mentioning that the $1.79 mark is an important support from which the coin has already rebounded, gaining 10%. His forecast suggests that more upside could be seen, with a target price between $2.25 and $2.50.
SUI price changed hands at $2.23, up 117% since September 12.
It should be emphasized that this article is for reference only and does not constitute investment advice.
