Sui, the native token of the Sui network, a layer-1 blockchain, is among the top gainers in the cryptocurrency market. Touted as a high-speed, super-efficient blockchain ecosystem that came out of Meta’s Diem project, market experts have doubled down on its potential to be the next big thing. Former Goldman Sachs executive Raoul Pal believes that the platform is capable of scaling to accommodate billions of users and bridge the gap between Web2 and Web3.
This ambitious project has been making waves of late, with its native token showing promising signs of a potential breakout. Amidst the crypto market recovery, SUI rallied by over 30% in the last 24 hours. The dramatic surge has propelled its market cap to $2.181 billion, making it the 34th largest cryptocurrency, according to CoinMarketCap.
I have been looking for signs of the next big L1 mover by looking at the relative charts of many compared to each other and have mentioned this methodology on many podcasts…
Layer-1 solutions have become a saturated market, with numerous players vying for attention. In this regard, identifying the next big mover requires meticulous analysis of relative performance. Using comparative chart analysis, Paul has spotted signs of SUI breaking out against most tokens like Solana, Avalanche, Aptos, etc.
Sui’s Rise and Grayscale’s Bittensor Trusts
The token’s recent uptick has been attributed to the launch of Grayscale’s Bittensor and Sui Trusts, which aim to expand their investing possibilities. As per reports, the Grayscale Sui Trust is focused on investing in the network token. At present, the new trust is accepting daily subscriptions from authorized individuals and institutional investors.
While it’s still early for Sui and price predictions are inherently speculative, the token’s recent performance against other cryptocurrencies is nonetheless intriguing. If these trends continue, the token could be poised for a significant upward trajectory. However, as with any investment, conducting thorough research and due diligence is essential before making any financial decisions.
The crypto market is notoriously volatile, and past performance is not indicative of future results. Investors should approach any new investment with caution and be prepared for potential risks.
