SUI Coin Price Increases 148% in a Week, Here's What Crypto Analysts Say!

Bittime - Sui (SUI) experienced a significant increase in the last week. In fact, the SUI token recorded 148% in a week. So, what caused this increase? Check out the crypto analyst's explanation in this article, come on!

SUI Token Price Increase Occurs After Token Unlock

In the last seven days, the value of the SUI token has more than doubled, beating the performance of most altcoins in the top 100 list. This surge is truly amazing, from a low of $0.45 on August 5, SUI managed to reach $1.12 on Monday morning, marking a fantastic rise of 148% in a week.

What makes this achievement even more interesting is the fact that this increase occurred in the midst of a fairly large token unlock period. Last May, Sui released 1.04 billion SUI tokens, equivalent to 10.4% of the total maximum supply of 10 billion and representing 39% of the market capitalization at that time. 

This large release of tokens usually has a negative impact on prices, but Sui has shown extraordinary resilience.

Also read: Continue Stable, SUI Prices Predicted to Increase More?

It doesn't stop there, token releases continue on a smaller but consistent scale. In early June, July, and August, approximately 0.87%, 0.86%, and 0.84% ​​of the total maximum supply were released into the market, respectively. 

A similar release schedule will continue on a monthly basis throughout Sui's vesting period, with the amount gradually decreasing through 2023.

Crypto Analyst Says About SUI Price Increase

Source: Raoul Pal via Dailyhold

Raoul Pal, founder of Real Vision and a macro expert who is also part of the Sui Foundation, expressed his optimism about Sui's potential to surpass the performance of Solana (SOL). 

"Obviously, many people are surprised not to own SUI while the price is soaring. To prove itself as 'The Next Big Thing,' Sui needs to truly outperform SOL by breaking the downward trend... although I would be surprised if that happens any time soon ," Pal explained.

Also read: The Reason Why SUI and Helium Prices Rise, Two Cryptos That Go Against Market Flow

Pal also observed that SUI is starting to show superiority against several other layer-1 blockchains such as Avalanche (AVAX) and Celestia (TIA). He argues that concerns about token unwinding and Sui's valuation may be overblown in the long term.

"There is indeed a release of tokens, but the worst phase has passed. The most important thing is actually demand, not supply. Supply is known, while demand is a factor that can change," said Pal. 

"Yes, it is a coin with a high Fully Diluted Valuation (FDV) and some people may not like it. But I like finding opportunities where the current narrative is defeated by price movements," he added.

SUI, the True Mirror of Crypto

Sui's rise is a true picture of crypto assets. In the midst of market volatility and negative sentiment that sometimes surrounds it, there are times when digital assets are able to show surprising resilience and growth. 

This phenomenon once again reminds us of the importance of in-depth analysis and a comprehensive understanding of the fundamentals of a blockchain project, beyond just short-term market trends.

However, investors are still reminded to be careful. The cryptocurrency market remains highly volatile, and a drastic rise like Sui's could be followed by a correction. 

It is important for every investor to conduct in-depth research and consider their individual risk profile before making an investment decision.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.