Sui Is Down but Analysts Say It’s Gearing Up to Become the “Next Solana”

Author

Simon Chandler

Author

Simon Chandler

About Author

Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

Author Profile

Share

Copied

Ad Disclosure

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Last updated: 

December 23, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

The price of Sui has dropped by 3.5% in the past 24 hours, slipping to $4.35 as the cryptocurrency market dips by 2% today.

SUI is also down by 8% in a week, yet it remains up by 21% in a month and by an enviable 495% in the past year, with the Libra/Diem offshoot now the 18th-biggest token in the market by cap.

For some holders and supporters, Sui will only continue rising up the market leaderboard, with some referring to it as “the next Solana.”

And with its strong pedigree and promising fundamentals, it has every chance of becoming one of 2025’s bigger success stories, especially if it can manage to attract some real adoption.

Sui Is Down but Analysts Say It’s Gearing Up to Become the “Next Solana”

Posting last week on X, Sui ambassador Matteo.sui referred to the layer-one network as the next Solana, and suggested that it’s then-price of $3.97 was essentially a steal.

It seems that some people listened, since Sui has risen by 9% since the above post, as investors bought the dip.

Other traders and Sui holders are similarly bullish about the token’s prospects, with DegenDollaz recently forecasting that the alt could rise to $30 next year.

Other analysts have also highlighted Sui as among the “most promising altcoins that will grow 5-20x” in the current bull cycle.

This is a justifiable stance to take, given that Sui is one of the most promising newer layer-one networks in the market.

Launched by alumni from Facebook’s failed Libra/Diem project, it uses the Move programming language, which promises to make blockchain development simpler and more efficient.

According to DefiLlama, it already has a total value locked in of $1.7 billion, representing a doubling since late September and a 740% increase over the last 12 months.

This testifies to a growth in usage, with the platform announcing a global partnership with Revolut this year, for instance, as well as the launch of the USDC stablecoin on its network.

Its long-term picture looks very good, while today its chart suggests that it’s close to recovering after weekend losses.

After dipping to almost 30 yesterday, the coin’s RSI (purple) has just touched 50 again, hinting that buyers are beginning to take advantage of its recent discounts.

And while its 30-period average (orange) has just fallen below the 200-period average (blue), this also suggests that it could rebound anytime soon.

Based on these indicators, and based on still-high volumes ($2.1 billion today), SUI should hit $4.50 by the end of the year.

New Meme Tokens For Market-Beating Gains

Traders looking to diversify beyond the biggest alts may be pleased to learn that there’s no shortage of promising new tokens in the market, including several very strong presale coins.

One of these is Wall Street Pepe (WEPE), an ERC-20 token that has raised a whopping $34.8 million in its ongoing sale.

While WEPE is ostensibly a meme coin, it also comes with its very own trade intelligence platform, giving it much stronger fundamentals than most other new projects.

As a trading intelligence platform, it will provide investors with real-time analysis and market insights, including buying signals and insider trading tips.

It will also have its own online community spaces and forums, enabling users to share advice and analysis.

These spaces will also give users the chance to compete in trading competitions, with the winners of such contests earning rewards in WEPE.

On top of this, the token will also be open to staking, making it potentially very profitable.

Investors can join its sale by heading over to its official website, where WEPE is currently selling at $0.0003653.

This will continue to increase incrementally over the course of the sale, so anyone interested in Wall Street Pepe should act now to lock in the biggest possible gains.