Sui: 2024 Q1 News, Recent Statistics, and Price Predictions

KEYTAKEAWAYS

TABLE OF CONTENTS

• KEY TAKEAWAYS
• SUI LATEST NEWS
• SUI STATISTICS
• SUI PRICE PREDICTION AND ANALYSIS
• OVERALL
• DISCLAIMER
• WRITER’S INTRO

CONTENT

Explore Sui’s latest developments, partnerships, and market performance. Is this Layer 1 blockchain bullish or bearish?

It’s been a while since CoinRank last covered Sui, a Layer 1 public blockchain developed by Mysten Labs, designed to support the next billion Web3 users. Is Sui currently bullish? Or bearish? Let’s explore its recent developments and market performance.

SUI LATEST NEWS

First, let’s look at some major news from the Sui Foundation:

(source: Sui Foundation)

Sui Major News 1: Partnership with Alibaba Cloud

Mysten Labs, the developers behind Sui, partnered with Alibaba Cloud on Jan 24th. This collaboration aims to enhance the Sui blockchain ecosystem by:

• Introducing AI asset development tools
• Adding educational programs
• Providing global infrastructure support

This partnership is expected to expand Sui in the future, with a focus on AI implementation.

Sui Major News 2: Collaboration with Oracle Stork

Sui team has partnered with Oracle Stork to provide builders with fast pricing data. Stork, an oracle for ultra-low latency trading, will offer real-time pricing data to app developers, DEXs, and protocols on Sui.

Sui Major News 3: TikTok Parent Company Exploring Web3 Gaming

BytePlus, TikTok’s parent company, is partnering with Mysten Labs to integrate social and gaming projects into the Sui blockchain ecosystem. They’re collaborating to enhance web3 gaming and SocialFi offerings on Sui.

>>> Read more: Sui Overflow | Sui’s First Global Hackathon (Registration: April 21 – May 31)

SUI STATISTICS

Looking at the 12-month statistics from July 2023 to July 2024:

(source: Suiscan)

• Total transactions have decreased significantly
• Average TPS (transactions per second) dropped from 644 to 53
• New coins and NFTs in the ecosystem have increased
• New accounts have decreased
• Active accounts remain consistent at over 1 million
• Validators have been stable

The decrease in transactions and TPS might be related to the overall crypto market conditions.

SUI TVL (Total Value Locked)

Sui has stabilized around $547 million TVL. Compared to other blockchains:

• Tron is still declining
• Solana has started to improve
• Optimism has decreased significantly from 1 billion
• Base and Arbitrum have started to recover

Overall, Sui appears to be one of the biggest winners in terms of TVL stability.

GitHub Activity

The Mysten Labs GitHub for Sui is very active, showing numerous changes and updates.

Supply and Tokenomics

A significant token unlock occurred on May 3rd, primarily benefiting investors and early contributors. This unlock led to a price decrease of about 50% from April 23rd.

(source: Token Unlocks)

Investors are receiving coins monthly, with the next unlock scheduled in 8 days. This regular unlocking may continue until 2026, potentially putting selling pressure on the price.

SUI PRICE PREDICTION AND ANALYSIS

(source: CoinMarketCap)

• Current support zone: 59 to 50 cents
• Potential resistance levels: $1.17 and $1.43
• Short-term outlook: Selling pressure due to investor unlocks
• Long-term potential: Possibility of reaching a $10 billion market cap or more, similar to Solana’s growth

Analysts suggest a good buy zone around 57 cents, with potential profit-taking around 88 or 81 cents. However, reaching all-time highs is not expected soon due to the ongoing token distribution.

OVERALL

While Sui faces short-term challenges with token unlocks and decreased transaction activity, its partnerships with major companies like Alibaba Cloud and BytePlus show promise for future growth. The stable TVL and active development on GitHub are positive indicators, but investors should remain cautious due to the ongoing token distribution schedule. If Sui gains users like Solana did, it could potentially reach a market cap of $10 billion or more in the future.