The crypto market is rife with speculations this week if Sui (SUI) has the ability to outperform Solana (SOL) which is almost close to hitting its ATH. Meanwhile, Sui has risen more than 740% in the last four months to be at $3.79 on November 20.
Analysts are wondering whether SUI has the potential to reach $18 and dethrone Solana from the top 20 spot. The coin has gained 6X since its lowest point observed on August 5.
It's a layer 1 blockchain which makes crypto ownership private, fast and secure as it directly competes with Solana’s L1 chain.
The rivalry between the two tokens is visible in the year-to-date performance where Sui has flipped Solana as its YTD gain was 347% in comparison to SOL’s 115%
However, Solana beats Sui in terms of social dominance as SOL was on an 8-month high on Sunday, November 17 while Sui’s social metrics have been declining since November 10.
With 100/200MA and 50/200 MA crosses in the price chart, Sui is likely to touch $18. The digital asset is expected to follow Solana’s 2021 rally as it maintains a bullish trend.
However, Sui has faced barriers at $3.77-$3.93 resistance zone which shows presence of a huge sell wall. The token tried to cross this zone multiple times last week but haven't been successful.
The RSI of the digital asset stands at 57.06 and pointing downwards which suggests a reduction of buying pressure for Sui. This could result in a price correction with the token looking for support at $3.70 and $3.12.
Sui will rally to $5.23 if the bulls break the resistance zone. This means the coin is eyeing a breakout as the consolidation phase room is running out.
The layer 1 token has seen an increased market activity with its trading volume rising 11.9% in 24 hours on Wednesday.
Derivatives traders of the coin on crypto exchanges like Bybit, OKX and Binance are harbouring bullish sentiments with the difference between long and shorts lying at $6 million in the daily timeframe.
All this points towards a bullish trend for Sui which could turn bearish as RSI drops and overhead resistance.
At press time, SUI was up 1.17% in the last 24 hours to trade at $3.58 while its market cap stood at $10.18 billion after a 0.68% gain and trading volume rose 11.51% to $1.85 billion. Meanwhile, SOL was up 8.22% in the last 24 hours to trade at $254 with a 54.27% gain in trading volume which stood at $10.57 billion and a market cap of $120.59 billion.