SUI Price Gains Fuel Alt Season: SUI Crypto Price Prediction For September 2024

Sui is undoubtedly one of the top performers, looking at the formation in the daily chart.

After the dump in August, which saw SUI, the native coin, drop to as low as $0.46, the token has steadily recovered, adding an impressive 230% since then.

SUIUSDT candlestick formation reveals that the uptrend remains, and buyers are in a pole position.

If anything, SUI could reap massive benefits from the recovery of crypto prices across the board.

For those not familiar with what the platform offers, Sui is a layer-1 blockchain, similar to Solana and Ethereum.

However, their focus is on scalability, developer-friendliness, and the provision of other innovative features.

Like Solana and other leading smart contracts platforms, Sui developers can launch DeFi protocols and more.

Sui Has A Bright Future

Aware of Sui’s potential, Raoul Pal thinks the future of the platform is bright.

Specifically, the analyst said not only will it grow, but it could become a dominant blockchain, gnawing market share from Ethereum and others.

In a post on X, Pal said Sui is “acting like it is going to be one of the key Chosen ones of the major new chains, if not THE Chosen one.”

For what the network offers, the analyst said investors should be paying close attention to Sui, pointing to upcoming upgrades and, most importantly, the buildup of bullish momentum.

Currently, SUI is breaking higher, roughly 30% from 2024 highs.

The recovery of the past few weeks has seen the coin soar by over 230%, breaking above local resistance lines.

Most crucially, the surge above $1 and August highs triggered a wave of higher highs, as seen in the better part of September.

Technically, every low may offer entries for optimistic buyers targeting $2.2 in the coming sessions.

From Mysticeti To Pilotfish, Developers Are Working Hard

There will be multiple drivers that may spark demand.

The decision to slash rates could see capital flow to quality crypto projects seen as undervalued and offering higher returns than Bitcoin or Ethereum.

In line with this interpretation, SUI could be one of the biggest beneficiaries.

Additionally, Sui recently updated its software via Mysticeti upgrade. Through Mysticeti, Sui now supports sub-one-second finality, meaning it is the fastest of all chains.

Sui developers are also working on Pilotfish.

Through this upgrade, Sui will become even more scalable than Solana, enhancing user experience.

Specifically, developers will scale Sui linearly, meaning the platform would increase smart contract execution in a low latency and decentralized environment.

A scalable, robust, low-fee, and reliable network attracts development.

This explains why Circle recently integrated USDC, a stablecoin, on the blockchain. It will be a major boost in activity and, indirectly, price.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.