Sui Price Slips Towards $2 as Solana Eyes Breakout  – Are Traders Jumping Ship to SOL? 

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Joel Frank

Author

Joel Frank

About Author

Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology…

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Last updated:

October 17, 2024 14:32 EDT

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After a stunning rally in recent weeks that has seen it more than 4x from recent sub-$0.50 lows and burst above $2.0, the Sui (SUI) price has started to lose momentum.

SUI was last trading just above $2.0, having fallen back substantially from last week’s highs in the $2.30s.

Profit-taking in the layer-1 blockchain protocol might have set in with Sui having reached a fully diluted market cap of above $20 billion, nearly 25% of Solana’s (SOL) fully diluted value of close to $90 billion.

Indeed, some theorize that investors might be now jumping ship to Solana, as the leading blockchain threatens a major bullish breakout.

While the Sui price has already hit fresh highs for the year, Solana remains 28% down versus its March highs.

Last, just above $150, Solana remains locked close to its 50 and 200DMAs.

But, with SOL having formed an ascending triangle in recent months, a bullish breakout could be coming.

SOL could quickly surge back to yearly highs above $200.

So, continued rotation into SOL from SUI could be on the cards.

Where Next for the Sui Price?

Even if rotation towards Solana occurs, the Sui price will continue to appreciate.

SUI is currently in a short-term uptrend, and a return to its recent record highs could be on the cards.

As the crypto bull market matures, Sui could even rise as much as threefold from current levels.

Those are impressive gains, though crypto degens looking for 20-50x returns will need to look elsewhere.

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The meme ICO is specifically tailored towards the meme coin trading crowd and is set to become the first GambleFi protocol to allow users to bet using their meme coin holdings.

Meme Bets has already raised an impressive $470,000 in its presale in just a few short weeks.

The surge in demand for the new token isn’t surprising, as analysts favor the project.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.