- SUI has outperformed SOL by 30% so far in January
- Some community members still expect altco Cardano to roll over in February
Sui [SUI] surpassed Solana [SOL] by 30% in early January, continuing a trend that started last September. This strengthened SUI’s position as a strong competitor in the tier 1 space. Its remarkable appeal has even caught the attention of some SOL investors, such as Rauol Pal.
Source: SUI/SOL, TradingView
Since the November US elections, SUI has outperformed SOL by 166%. Simply put, SOL investors would have been better off Hold SUI in the past three months.
SUI network activity is skyrocketing
That said, SUI’s recent rally was also marked by strong network growth. At the beginning of January, the gas consumed rose from 16,000 to more than 21,000, indicating an increase in the number of transactions within the Sui network.
Similarly, the number of active addresses has risen from 590,000 to over 770,000 in less than two weeks – an increase of 30%. With such a surge in network activity and demand, SUI’s price rose 30% to $5, while still showing a New Year’s gain.
Source: Artemis
On the price chart, the altcoin showed an ascending channel, with traders now focusing on the range of highs and lows for entry and profit taking.
If the channel holds in the coming weeks, SUI could slowly rise to $6 or higher.
Source: SUI/USDT, TradingView
In fact, a recent Random X poll found that some users to expect the altcoin to flip Cardano [ADA] by February.
Currently, ADA is ranked as the ninth largest cryptocurrency by market capitalization, with figures of approximately $32 billion. SUI ranked 11th with $15 billion, about half the market size of ADA. Assuming ADA’s traction remains constant, SUI must double its current value to +$10 to flip it.
Source:
Worth mentioning, however, is that Coinglass facts revealed that 57% of top traders’ positions on the Binance exchange were betting on SUI’s revival. If market sentiment improves, bullish sentiment could drive altco traction.
