- SUI has outperformed SOL by 30% so far in January
- Some community members still expect the altcoin to flip Cardano by February
In early January, SUI [SUI] showed a 30% superior performance compared to Solana [SOL], marking an extension of a competitive edge that started last September. This impressive streak solidified SUI’s standing as a formidable contender within the layer 1 category. Intriguingly, even Solana investors like Rauol Pal have taken notice of SUI’s significant momentum in the market.
Over the last three months following the November U.S elections, SUI has surpassed SOL’s performance by a significant 166%. In simpler terms, if you had invested in SUI instead of SOL since then, you would have seen better returns on your investment.
SUI network activity soars
It’s worth noting that the surge in SUI’s price was accompanied by a significant increase in its network activity as well. In the early days of January, the amount of gas used skyrocketed from 16,000 to more than 21,000, suggesting an upward trend in transactions within the Sui network, which implies increased user engagement and activity.
In just under two weeks, the number of active addresses surged from approximately 590,000 to more than 770,000, representing a 30% increase. This surge in network activity and demand led SUI’s price to rise by 30%, peaking at $5, and retaining some of the New Year’s gains.
On the graph, the cryptocurrency alternative formed a rising trendline, as investors are now aiming to enter or cash out within the span of its highs and lows.
OR
The altcoin’s price chart shows it moving upwards in an ascending channel. Traders are currently looking for opportunities either to buy in or sell at the extremes of these highs and lows.
If the channel holds over the next few weeks, SUI could slowly climb to $6 or above.
In actuality, a fresh survey conducted randomly on X participants has shown that certain cryptocurrency users anticipate that the altcoin could surpass Cardano (ADA) in value by February.
presently, ADA stands as the ninth most valuable cryptocurrency, boasting a market capitalization of approximately $32 billion. On the other hand, SUI is ranked 11th, holding a market cap of around $15 billion – roughly half the size of ADA’s. If ADA’s growth rate remains steady, SUI needs to double its current value to reach around $30 billion in order to surpass it in terms of market capitalization.
It’s important to mention that data from Coinglass showed that about 57% of leading traders on Binance were placing bets on an upward trend for SUI. If the market mood becomes more positive, a surge in optimism might boost interest in this altcoin.
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2025-01-12 09:11