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The native token of the Sui blockchain experienced a significant surge ahead of Christmas Eve, despite the overall weakness displayed by the crypto market. Investors believe that this network could easily compete with and surpass Solana at its own game.
On December 23, the $SUI token experienced a 9% increase, pushing the price to $4.71 per coin after posting fresh all-time highs of $4.9577 per token just a few days prior.
With only five days remaining in the month, $SUI has produced monthly gains of 29.9%, even though the total value of the broader crypto market advanced by a mere 2% during this same period.
Your favorite hub for easy cross-chain transfers just added another option: $USDT has launched on Sui Bridge!
Ethereum users can now enjoy easy, streamlined access to the Sui DeFi ecosystem by moving assets like ETH and USDT with the signature speed and security of Sui.— Sui (@SuiNetwork) December 23, 2024
The launch of Sui Bridge, a cross-chain crypto transfer protocol, on December 23 may have influenced the token’s latest performance. The development team announced that users could now send $ETH and $USDT easily and rapidly via the Sui blockchain to their favorite decentralized applications (dApps) built within its ecosystem.
According to CoinMarketCap, the combined market value of all tokens currently living on the Sui blockchain stands at $16.65 billion. The First Digital USD stablecoin and the DeepBook Protocol lead the scoreboard, with market capitalizations already exceeding the $1 billion mark.
Although Solana is a well-established layer-one blockchain with dozens of successful and widely adopted dApps in its portfolio and thousands of meme coins minted via protocols like pump.fun, Sui could rapidly catch up if network congestion affects Solana’s long-standing reputation as the fastest smart contract blockchain.
Theoretically, the Sui blockchain is faster, capable of processing and executing around 300,000 transactions per second compared to 65,000 for Solana. However, its ecosystem remains small, although it is growing.
Looking ahead, as scalability may become an issue for Solana, Sui could emerge to progressively replace it as the preferred infrastructure for developers to create dApps and mint new digital assets.
$SUI is on a Clear Upward Trend but Needs to Overcome Resistance
The $SUI chart shows that the price of the asset is on a clear uptrend that could soon propel it above the $5 mark.
The most relevant support areas to watch moving forward are the trend line support and the $4 psychological threshold, which investors seem to have defended fiercely in recent days.
Meanwhile, a break above $5 could result in significant short-term gains of approximately 24% if the upper bound of the price channel shown in the chart is the next target.
That said, there is one major red flag that traders should consider. The Relative Strength Index (RSI) shows a divergence that appeared between December 5 and 13. This is a bearish signal that is typically interpreted as a sign of weakness during a bullish move.
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A divergence implies that, even though the price of the asset went higher, positive momentum could be fading. Considering the overall bearish tone that the market has embraced following the Federal Reserve’s hawkish comments, traders should approach $SUI with caution, especially if it breaks below the $4 mark.
In the long term, reaching $100 per token would mean that the market cap of this project would jump to around $260 billion. The highest the value of Solana ($SOL) has gone since the network was launched in 2020 is $97 billion. Hence, a $100 $SUI sounds somewhat far-fetched.
However, nothing prevents the token from becoming a valuable asset that could easily double its price if its ecosystem continues to grow rapidly as it has over the past year.
Solaxy Comes to Solana’s Rescue as Investors Pour $5.3M During its Presale
A layer-two protocol for the Solana blockchain called Solaxy is attracting significant interest from the crypto community amid its ambitious plan to ramp up the efficiency of the mainnet by bundling transactions offline.
After just a few days, its native token $SOLX has been sold to thousands of early buyers, resulting in the project raising over $5.3 million to finance the development team’s efforts.
Solaxy’s innovative architecture is appealing as it increases the speed at which transactions are executed within the Solana network and alleviates it from the congestion it has experienced amid the meme coin hype.
$SOLX is currently offered at a discounted price of $0.001578, but this offer expires in the next 18 hours.
After that, the price of the token will increase, and the presale event could end soon as the project is getting close to achieving its funding target.
Crypto influencers believe that Solaxy could become Solana’s Optimism and Arbitrum, while its $SOLX token could deliver 10X gains or higher to early buyers once the protocol is widely adopted.
To buy $SOL, visit the official Solaxy website and connect your wallet, or download the Best Wallet app if you do not have one. Meanwhile, if you do not own any crypto at the moment, you can also use your bank card to complete the purchase.
The most successful crypto investors are those that get in early on promising projects.
This is an incredible chance to make history by helping a novel protocol help the Solana network scale up efficiently.
The post Sui Explodes 13% as Traders Say It’s the ‘Next Solana’ – $100 $SUI Possible? appeared first on Cryptonews.
