In early January, Sui [SUI] managed to outshine Solana [SOL] by 30%, continuing the trend that started back in September. This further solidified SUI’s position as a strong contender in the layer 1 sector. Notably, its impressive performance has caught the attention of some SOL investors such as Rauol Pal.
Ever since the U.S. elections in November, SUI has surpassed SOL by 166%. Simply put, investors holding SUI would have seen better results over the past three months.
Surge in SUI Network Activity
Moreover, SUI’s recent surge was accompanied by a significant rise in network activity. At the beginning of January, gas consumption surged from 16k to over 21k, indicating an increase in transactions within Sui’s network.
Additionally, active addresses rose from 590k to over 770k in under two weeks, marking a 30% spike. With this surge in network activity and demand, SUI’s price surged by 30% to $5, maintaining its gains from the New Year.
On the price chart, the altcoin created an upward channel, with traders now focusing on the range of highs and lows for entry and profit-taking.
If the channel remains intact in the upcoming weeks, SUI could gradually make its way towards $6 or even higher.
Interestingly, a recent survey by X suggested that some users anticipate the altcoin to surpass Cardano [ADA] by February.
Currently, ADA holds the ninth position in terms of market cap, with around $32 billion. Meanwhile, SUI ranks 11th with $15 billion, approximately half of ADA’s market size. Assuming ADA’s growth remains consistent, SUI would need to double its current value to over $10 to outperform it.
It is worth mentioning that Coinglass data revealed that 57% of leading traders’ positions on the Binance exchange were speculating on SUI’s uptrend. If market sentiment improves, bullish outlook could further boost the altcoin’s momentum.