As Bitcoin and cryptocurrency adoption continues to grow rapidly, new crypto projects are being launched. Among these projects, those with a more robust infrastructure are also listed by the exchanges.
SUI, listed by Binance, was one of these projects.
SUI, seen as an Aptos (APT) competitor, was listed on Binance on May 3 and went up to $2.
Unable to continue its rise, SUI fell to $ 1, currently continues to trade at $ 1.21.
Guy Turner, the host of the YouTube channel Coin Bureau, which evaluates the SUI, which has attracted the attention of investors, said that SUI has the potential to be among the best performing altcoins in the next bull.
"SUI May Explode In The Next Bull!"
Stating that he is expecting a rise in SUI in his video published yesterday, the analyst said:
“SUI could very easily become one of the top performing cryptocurrencies in the next bull cycle.”
Opening a parenthesis to the rise of SUI, the analyst stated that although he expects a long-term rise in SUI, SUI may experience significant selling pressure after the token unlocks that will take place.
“SUI will have a massive token unlock on November this year, May 2024, and May 2024.
Considering that SUI was sold to Andreessen Horowitz for $0.03 and $0.10, these key openings could cause significant selling pressure.”
SUI Price Did Not Perform As Expected!
Finally, the analyst, who argued that the price of SUI is still low despite the high interest of investors, said that this may be due to the launch of SUI during the bear market.
“Despite the obvious interest in SUI, its price has not performed as expected so far.
This may be because SUI is a new project and launched in the middle of a bear market.
The SUI price may also rise when Hong Kong introduces crypto regulations for retail investors on June 1st."
*Not investment advice.