Author
Alejandro Arrieche
Author
Alejandro Arrieche
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Sui (SUI) has gone up by 2% in the past 24 hours and currently sits at $3.88 as the token continues to make its way above the psychological $4 threshold.
SUI is the top-performing token of the top 10 (excluding stablecoins) with monthly gains of 71.9% as the launch of Grayscale’s SUI Trust and 21Shares’ submission of an application for an exchange-traded fund (ETF) has put the token in the crosshairs of institutional investors.
Data from CoinShares indicated this week what could be considered a major shift in the market’s investment choices.
Last week, SUI’s institutional flows nearly doubled those of XRP, while on a month-to-date basis, SUI-linked vehicles received $21 million in net capital inflows compared to just $8.6 million that XRP funds attracted.
This indicates that high-net-worth investors are becoming increasingly interested in the native asset of this Solana rival. This supports a bullish Sui price forecast in the mid to long-term.
Can SUI surpass Solana in terms of market cap and ecosystem total value locked (TVL)? In this SUI price prediction we look at the latest price action and on-chain metrics to analyze if this is a real possibility.
Sui Price Prediction: Bullish Breakout of Flag Pattern Could Lead to a Retest of SUI’s All-Time High
For Sui to make its way to the top of the crypto charts, it would have to capture a nascent trend like meme coins or find a way to steal some market share in this important category from its rival Solana.
In addition, popular decentralized finance (DeFi) applications that rely on the Sui network would have to be launched to attract additional capital.
It may be a while for Sui to overturn Solana’s dominance as the second-largest decentralized smart contracts platform despite its stronger technical capabilities.
However, the daily price action for SUI is quite bullish and could lead to a retest of its all-time high at $5 per token, as multiple bull flags have been forming as a result of the latest uptrend.
If a bullish breakout of the last flag pattern occurs, the size of its pole supports a SUI price prediction of $5.20. This results in a 33% upside potential in the near term.
To strengthen Solana’s ecosystem and infrastructure as new competitors like Sui emerge, a crypto presale called Solaxy (SOLX) has arrived to eliminate its congestion issues.
Solaxy (SOLX) Presale Will End in Just 26 Days – Don’t Miss Your Chance to Invest
Solaxy (SOLX) is a layer-two scaling protocol for the Solana blockchain that alleviates the mainnet’s burden by bundling transactions offline.
With the help of top blockchain companies like Sovereign Labs and Hyperlane, the developing team has already launched the Solaxy testnet and has made available a block explorer for investors to analyze the performance of the L2.
The presale event of $SOLX, the layer-two’s utility token, will end in just 26 days and has raised nearly $40 million thus far.
Analysts agree that $SOLX’s price will explode once the L2 is adopted by top wallets and exchanges.
To buy this token at its discounted presale price, head to the Solaxy website before the event ends and connect your wallet (e.g. Best Wallet). You can either swap USDT or SOL for this token or use a bank card to invest.
