Sui Blockchain Price Prediction as SUI Token Launches on Binance Exchange and Sees $1 Billion Trading Volume in 24 Hours
Sui launched its mainnet yesterday, with the layer-one blockchain seeing its native SUI token surpass $1 billion in 24-hour trading volume on Binance.
As of writing, SUI's price stands at $1.33, with the proof-of-stake token initially being offered at $0.10 as part of a public sale to users of participating exchanges.
This means it has effectively risen by over 1,000% since its launch, although the coin has declined by 38% after reaching an all-time high of $2.16 yesterday.
And with its blockchain being launched by former Meta employees who had worked on the ill-fated Diem/Libra project, Sui has every chance of being a long-term success.
Sui's chart suggests that the coin is nearing a bottom, after falling from record highs yesterday.
Its relative strength index (purple) has fallen below 30, indicating that it's now oversold.
Likewise, its short-term moving average (yellow) has dropped substantially below its long-term average (blue), which again signals that it has been sold too much and should correct upwards.
Of course, SUI is a completely new token, so it could easily fall further, particularly when its price remains so much higher than its initial sale price of $0.10.
In terms of fundamentals, SUI potentially has a bright future ahead of it, given that its blockchain has been developed and launched by Mysten Labs, which is led by several former Meta senior executives and developers.
It, therefore, has a good pedigree behind it, while its use of the Move programming language, much like Aptos (also a Diem offshoot), promises to make it easier for developers to build smart contract-based applications.
Sui's blockchain also enables parallel processing, something which should make it more scalable and faster than other similar
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