- SUI’s break out of the descending channel signals bullish momentum.
- SUI’s institutional interest is increasing.
Sui Network [SUI] started strong in the cryptocurrency market, initially rising above $2 before dropping below the $1 price levels.
Despite this notable dip, SUI is likely to recover as the broader cryptocurrency market stabilizes from the crash.
The recent breakout from a downward trend on the daily time-frame suggests a positive future for SUI network.
Investing in SUI now, while it is still trading under $1, could be wise, as the price may increase significantly with expected adoption in the coming months.
Source: TradingView
SUI vs SOL chart comparison
SUI’s price action chart resembles Solana’s early days in the crypto markets space.
Solana [SOL] price initially dropped by 80% before skyrocketing by 2500%, a similar pattern has occurred on SUI but the target is overly achievable by the new blockchain entrant.
Currently, SUI has doubled in value since its low on August 5th and is up 30% from the long-term average entry point.
This suggests that SUI could overturn SOL’s dominance following a similar upward trajectory, making it a promising investment.
Source: TradingView
Why SUI is the “Solana Killer”
SUI is being called the “Solana Killer” as it aims to rival Solana by launching the Mysticeti upgrade, which will increase its transaction speed to 100,000 TPS as market analyst Zoomer Oracle noted.
This positions SUI as a strong competitor for the largest Layer 1 blockchain, especially in the memecoin space.
Despite its potential, the market has not fully recognized this development. SUI’s approach mirrors Solana’s previous success, making it a significant contender to challenge Solana’s dominance, particularly after the market reset.
SUI’s price surged after Grayscale launched a new fund focused on it as X market analyst Lucky cited.
Major institutions are investing in SuiNetwork, drawn by its advanced technology and practical uses.
Realistic or not, here’s SUI market cap in BTC’s terms
With a market cap of $2 billion and listings on over 170 exchanges, SUI has firmly established its market presence.
However, its current price reflects a significant drop of about 60% from its all-time high of $2.17. Grayscale’s involvement highlights SUI’s growing influence in the industry suggesting SUI could be the Layer 1 asset to challenge Solana dominance.
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