- Sui has eclipsed Solana and Ethereum in terms of net inflows.
- But the SUI pullback could extend to $1.7 if the weakening persists.
Sui (Sui) is among the top emerging blockchains in 2024, poised to take away some of the market share of Ethereum (ETH) and Solana (SOL).
Recently, the chain has surpassed ETH and SOL in terms of net inflows, as note by Adeniyi Abiodun, co-founder of Mysten Labs, who also leads the team behind the Sui channel.
He said,
“Sui saw higher net inflows than Solana and Ethereum combined at $24.3 million”
Source: Artemis
Data from Artemis showed that Sui had a significant lead over the past seven trading days in terms of inflows, outflows and net flows.
It saw more inflows than Solana on the weekly charts. On a monthly (MTD) basis, net inflows were $19.3 million, compared to Solana’s $12.3 million at the time of writing.
SUI vs. SOL
Sui has been considered a great alternative to SOL, and some analysts even believe that SUI’s price action could follow SOL’s trajectory.
In fact, SUI outperformed SOL on the price charts in August and September, as evidenced by the wild 300% rise in the SUI/SOL ratio.
Source: SUI/SOL, TradigView
The SUI/SOL ratio tracks the relative performance of SUI compared to SOL. However, in October, the ratio declined, suggesting that SUI underperformed SOL.
However, the channel still saw modest network growth, which could signal increased interest and increase SUI prices. It is new accounts jumped 5% in the last 7 days and reached 862.7K, marking increased market interest in the altcoin.
Source: Sui Explorer
Despite the renewed interest, SUI’s market positioning remained almost neutral, reflecting general market sentiment heading into the US election.
Read Sui (SUI) Price Prediction 2024-2025
Top traders on Binance had a slight dominance in long positions, at 51%, compared to almost 49% for short positions. The negligible difference meant the market could move one way or the other in the short term, depending on the outcome of the election.
Source: Coinglass
However, the price chart showed strong support above $1.6, which triggered a price rebound in September and October.
If the trend repeats, SUI could recover and observe trendline resistance near $2. This would represent a potential 16% rally from the $1.6-$1.7 support zone.
Source: SUI/USDT, TradingView
