- SUI topples Aptos on nearly every key metric.
- SUI price action shows momentum that breaks key patterns.
Sui Network (SUI) has made significant progress, outperforming Aptos (APT) in key metrics such as market cap, trading volume, and volume-to-market cap ratio.
However, SUI’s price has yet to surpass Aptos, but that could soon change. As a non-EVM layer-1 blockchain, it is gaining traction among crypto enthusiasts despite being a relatively new player, having entered the market in Q4 2023.
Source: Coinpare
SUI price action shows some resilience despite the broader altcoin market, excluding Bitcoin and Ethereum, being in a downtrend at press time.
The cryptocurrency broke out of its second broadening wedge pattern in three months, pushing the price above $1.108 on strong volume.
The first wedge pattern saw the price of SUI increase by over 145%, while the second resulted in a 57% increase, equal to the peak of the first.
These consolidation patterns signal the potential for a price rally in the final quarter of the year, which could significantly benefit traders and investors.
Source: TradingView
Currently, the bulls are in control and SUI is approaching its all-time high of $2.20. If SUI manages to break above the $1.20 level and maintain its momentum, it could set a new all-time high this year, perhaps $4.
This price action, along with the growing interest in the SUI ecosystem, indicates strong upside potential. Traders should keep a close eye on this move as momentum continues to build.
Crypto RSI Weekly Heatmap
The weekly crypto RSI heatmap offers renewed optimism for the SUI. Overall levels have been rising, with the SUI in the neutral zone, indicating a balance between buying and selling pressures.
The average RSI across the market stands at 41, which leaves room for potential upside, although current momentum remains modest.
Source: Coinglass
SUI Ecosystem Memecoins Are Booming
Additionally, the SUI ecosystem is booming with memecoins, contributing to its bullish sentiment.
Over the past seven days, memecoins like BLUB have seen massive gains, with their market cap rising from under $4 million to $26 million, delivering a 260X return for early investors.
Similarly, MEOW has achieved gains of over 50X, now reaching a market cap of $3 million.
These developments suggest that SUI memecoins are bringing more liquidity, which could drive SUI’s price higher in the near future.
Source: X
As the SUI ecosystem grows and memecoins continue to thrive, now is the perfect time for traders and investors to consider entering the SUI market.
Realistic or not, here is SUI’s market cap in terms of BTC
Continued price action, combined with strong ecosystem development, indicates a potential bull run, with the possibility of new all-time highs.
Keep a close eye on SUI’s next moves as this cryptocurrency is positioned to climb higher.
