- SUI’s break out of the descending channel signals bullish momentum.
SUI’s institutional interest is increasing.
As a seasoned crypto investor with battle scars from the 2017 bull run and the subsequent bear market, I can confidently say that the recent developments surrounding SUI Network have piqued my interest. The breakout from the descending channel and the increasing institutional interest are clear signs of bullish momentum for this promising blockchain.
As a researcher studying the cryptocurrency market, I’ve observed an interesting trajectory for Sui Network [SUI]. Upon its debut, it surged significantly, reaching prices above $2. However, it subsequently dipped and is now trading below the $1 price range.
In spite of this significant drop, it’s expected that SUI will bounce back once the overall cryptocurrency market recovers from its recent downturn.
The latest upward shift on the daily chart indicates a promising outlook for the SUI network.
Considering SUI‘s current trading price below $1, it might be smart to invest now, given the anticipated rise in value due to increased adoption in the upcoming months.
SUI vs SOL chart comparison
SUI’s price action chart resembles Solana’s early days in the crypto markets space.
Initially, the price of Solana (SOL) plummeted by 80%, but then it surged an astounding 2500%. A comparable pattern has been observed with SUI as well, although the ambitious growth goal for this new blockchain contender might be overly attainable.
At present, SUI has more than doubled in worth compared to its lowest point on August 5th, and it’s also increased by approximately 30% above its usual entry level for a longer term perspective.
It appears that if SUI continues on its current path, it might challenge SOL‘s leadership, potentially making SUI an attractive investment opportunity.
Why SUI is the “Solana Killer”
It’s being referred to as a “challenger to Solana,” as SUI is working towards matching Solana’s performance by implementing the Mysticeti upgrade. This update is expected to boost its transaction speed to an impressive 100,000 transactions per second (TPS), according to market analyst Zoomer Oracle.
Placing SUI in a competitive spot against the top Layer 1 blockchains, particularly in the realm of meme coins, is where it stands out remarkably well.
Although it holds great promise, the market hasn’t fully appreciated this advancement yet. SUI‘s strategy bears resemblance to Solana’s past victories, positioning it as a strong competitor aiming to dethrone Solana in its dominant position, especially following the market correction.
Following the launch of a new investment fund focusing on SUI by Grayscale, its price significantly increased, according to market analyst Lucky’s assessment.
Significant organizations are pouring resources into SuiNetwork due to its cutting-edge tech and real-world applications.
Realistic or not, here’s SUI market cap in BTC’s terms
Boasting a market value of $2 billion and being listed across more than 170 trading platforms, SUI has undeniably made its mark in the market.
Despite experiencing a steep decline of approximately 60% from its peak price of $2.17, Grayscale’s investment indicates that Switcheo Network (SUI) is gaining traction in the industry. This could potentially position SUI as a Layer 1 asset that competes with Solana for dominance.
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2024-08-11 23:04