Sui’s price has historically fluctuated between $0.36 (Oct 19, 2023) and $2.18 (March 27, 2024). Sui is a smart contract platform that entered the market in 2023 and has its roots in Meta’s Diem cryptocurrency project. Sui seems to be one of the most potential cryptocurrencies of the 2024-2025 bull market.
Sui price: historical development
Sui’s price has historically fluctuated between $0.36 (Oct 19, 2023) and $2.18 (March 27, 2024). Sui’s price history starts in May 2023. This information is based on Coinmarketcap data.
The SUI token entered the market at about $1.40 at the beginning of May 2023. This is also when the Sui MainNet, the production version of the blockchain, was launched. The SUI token is a native token of the Sui blockchain. It is used for staking and paying transaction fees.
Sui had rather lousy timing with its market entry. The entire crypto market was in steady decline in the summer of 2023, and Sui’s price fell along with the rest of the market until mid-October. The SUI token traded at a low of around $0.35.
The graph below shows Sui’s historical price development.
A strong bull market began at the end of October 2023 and lasted about half a year until the end of March 2024. This rally boosted Sui’s price. The SUI token crossed its market entry price ($1.40) in January 2024.
Sui’s price reached the current ATH ($2.18) at the end of March 2024. After that, the crypto market started a similar decline as in spring 2023. Sui’s price fell to around $0.50 at the beginning of August 2024. The market began a new recovery after this. Sui’s price crossed again the critical $1.40 mark at the end of September 2024 and eventually rose to $1.80.
In the fall of 2024, Sui’s price increase has been accelerated by the increasingly broad interest of investors. The project has also concluded significant partnership agreements. It seems that Sui’s price will make a new ATH at the end of 2024.
What is Sui?
Sui is a smart contract platform that entered the market in 2023 and has its roots in Meta’s Diem cryptocurrency project.
Sui’s history begins in 2018 when Facebook (now Meta) launched its Libra stablecoin project. However, within a couple of years, it collapsed due to opposition from the authorities. Facebook tried to name the project Diem but to no avail.
Some of Diem’s developers decided to establish a new cryptocurrency that utilizes its technology. This is how two competing smart contract platforms were born: Sui and Aptos. Based on the same technology, both received hundreds of millions of dollars in venture capital from investors.
Below is a picture from Sui’s website.
Sui’s strength is its scalability. It is theoretically capable of processing up to 300,000 transactions per second. Sui’s specialty is the Move programming language, a derivative of the Libra/Diem project. Aptos also uses Move to program smart contracts.
In 2024, Sui has received increasing investor interest. One of Sui’s advocates is macro investor Raoul Pal, who has recently become known for his strong view on Solana’s price. Many believe Pal is also correct about Sui.
During 2024, Sui has already risen to the top 8 places on the ranking list of smart contract platforms.
| Platform | Native token | TVL | Market share |
|---|---|---|---|
| Ethereum | ETH | $64.9 billion | 54.0% |
| Solana | SOL | $9.5 billion | 7.8% |
| Bitcoin | BTC | $6.8 billion | 5.5% |
| Tron | TRX | $6.7 billion | 5.4% |
| BNB Chain | BNB | $6.5 billion | 5.3% |
| Base | - | $3.9 billion | 3.2% |
| Arbitrum | ARB | $2.7 billion | 2.2% |
| Sui | SUI | $2.2 billion | 1.8% |
The ranking list above shows the market’s most prominent smart contract platforms, sorted by the DeFi market liquidity. Sui’s TVL almost quintupled during 2024, while Aptos’ TVL is about half as small.
Read more about Sui in this article: Sui Beginner’s Guide.
Sui forecast
Sui seems to be one of the most potential cryptocurrencies of the 2024-2025 bull market. Sui’s price already reached a new ATH in the spring of 2024, and we believe it will break that limit well into 2025. What is this view based on?
Sui’s most significant advantage is its”freshness.” This means that Sui is not burdened with a decline of more than 90% from the previous bear market like many competitors. For example, investors holding cryptos such as Avalanche, Polkadot, or Near are still 80-90 percent off their 2021 peaks.
Sui entered the market in 2023, so it does not have this ballast. Almost everyone who has bought Sui tokens has made a profit. In addition, investors are naturally drawn to new trends and technologies.
In each cycle, a handful of new entrants displace the successful ones of previous cycles. Old cycles often leave only 1–2 coins per cycle for the top positions in the crypto ranking list. The remaining coins slowly disappear and are replaced by new cycle entrants.
Sui is snowballing and entering new partnerships at the right time, so its fundamentals are in order. Because of this, we believe that the Sui price will peak at around $5-$6 during 2025.
If you want to invest in Sui, you can do so quickly and safely in the Binance crypto exchange. Read the detailed instructions in this article: How to Buy Sui?