Yes it is undervalued, but I think the most undervalued project is oax. Sys is still undervalued despite all the developments of last year.
From the point of view of supply, $2 would make it a $10b coin. That is huge. Sys also has many competitors both in the blockchain space and outside, so mass adoption will be difficult.
Dont get me wrong. I like sys. I like their team and marketing and I will hodl my coins.