A widely followed crypto analyst says one altcoin has the potential to be a top performer in the next market cycle.
“SUI could very easily become one of the top-performing cryptocurrencies in the next cycle.”
Although Turner is long-term bullish on SUI, he says that the layer-1 project may also see “significant” sell pressure during its three phases of token unlocks, which are between this November and May of 2025.
“There will be a massive token unlock in November this year, in May next year, and in May 2025. This could result in significant sell pressure, considering that SUI was sold for $0.03 a pop to (Andreessen Horowitz) and $0.10 a pop to the other crypto (venture capital firms). It’s also possible that there’ll be sell pressure from the regular folks who participated in the SUI token sales on KuCoin, OKX and Bybit, given they got it at similar prices.”
Turner goes on to say that despite the high interest in SUI, its price is still relatively low.
According to the analyst, SUI’s doldrums could be because it was released during a bear market, and its price should see a boost once Hong Kong begins enacting crypto guidelines for retail investors.
“Despite the apparent interest in SUI, its price has so far failed to perform. In SUI’s defense, the project is brand new and launched in the middle of a crypto bear market. SUI’s Asia focus could also pump the price once Hong Kong introduces its crypto regulations for retail investors on the 1st of June.”
SUI is trading for $1.22 at time of writing, an over 10% gain during the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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