Sui [Sui] has emerged as a leading blockchain platform in 2024, poised to capture a portion of Ethereum [ETH] and Solana’s [SOL] market dominance.
Recent data indicates that the network has outperformed ETH and SOL in terms of net inflows, as highlighted by Adeniyi Abiodun, a co-founder of Mysten Labs and the driving force behind the Sui ecosystem.
Abiodun stated,
“Sui witnessed higher net inflows of $24.3 million, surpassing the combined figures of Solana and Ethereum.”
According to Artemis data, Sui has taken a substantial lead in inflows, outflows, and netflows over the past seven trading days, showing superior performance compared to Solana. On a month-to-date basis, Sui registered $19.3 million in net inflows, outpacing Solana’s $12.3 million at the time of reporting.
SUI vs SOL Comparison
Sui has been identified as a viable alternative to SOL, with some experts suggesting that SUI’s price trajectory might mirror that of SOL.
Notably, SUI exhibited better price performance than SOL in August and September, with the SUI/SOL ratio experiencing a significant 300% surge.
Although the SUI/SOL ratio declined in October, indicating SUI’s underperformance against SOL in the short term, the network witnessed a moderate increase in user adoption, hinting at growing interest that could drive SUI prices higher. The number of new accounts surged by 5% in the last seven days, reaching 862.7K, showcasing heightened market enthusiasm for the altcoin.
Despite the uptick in interest, SUI’s market sentiment remained largely neutral, in line with the broader market sentiment leading up to the US elections.
Major traders on Binance showed a slight bias towards long positions, accounting for 51% of positions compared to nearly 49% in shorts. This marginal discrepancy suggests uncertainty in the market direction in the near term, pending the election outcome.
However, the price chart reflected strong support above $1.6, leading to a price recovery in September and October. If historical patterns repeat, SUI could potentially rebound and target the trendline resistance around $2, representing a 16% recovery opportunity from the $1.6 – $1.7 support range.