Date: Sat, Sept 21, 2024, 06:50 AM GMT
In recent weeks, the Sui Network $SUI , a rising Layer-1 blockchain, has grabbed the attention of the crypto market by surging over 74% in the last 30 days. This remarkable growth in the Layer-1 narrative has outshined even Solana's $SOL , the top Layer-1 contender, which has only recorded a modest 3% gain during the same period.
Source: Coinmarketcap
Crypto trader ToreroRomero took to the X platform to draw comparisons between SUI and Solana, suggesting that Sui is following a path similar to Solana’s famous 2021 bull run. His technical analysis points out that SUI’s price movement mirrors Solana’s rally in late 2020 when SOL skyrocketed from around $1 to over $10. Based on this pattern, he predicts that SUI could potentially rise above $4 in the coming months, echoing Solana's explosive growth.
Credits: ToreroRomero
Adding fuel to this speculation, IBC Group’s official X account shared that the Sui Network appears poised to challenge Solana in the Layer-1 space, bringing a competitive edge with its advanced technology. K33 Research further highlighted that SUI has skyrocketed by 115% since August, while Solana’s gains remain limited at 6%.
From a technical perspective, Sui boasts an impressive capability of processing up to 297,000 transactions per second, dwarfing Solana's already substantial 65,000 transactions per second. However, there’s one factor that may introduce volatility—only 27% of Sui’s total token supply is currently circulating. This means future token unlocks could lead to price swings, so investors should keep an eye on SUI’s supply dynamics.
As SUI continues its upward trajectory, the question remains—will it replicate Solana’s 2021 success, or will new challenges arise? Only time will tell if this promising Layer-1 project can maintain its momentum and truly compete with the likes of Solana.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before
