- Sui blockchain experienced higher net inflows than Ethereum and Solana combined, reaching $24.3 million in recent data.
- On a month-to-date basis, Sui’s net inflows stood at $19.3 million, surpassing Solana’s $12.3 million significantly.
Sui, a rising blockchain technology, has surpassed both Ethereum and Solana in net inflows, suggesting a shifting preference among blockchain users. Adeniyi Abiodun, a co-founder of Mysten Labs which develops Sui, noted that the blockchain saw net inflows totaling $24.3 million, outperforming its competitors over the last week.
This surge places Sui in a promising position relative to Ethereum and Solana, with its monthly inflows reaching $19.3 million compared to Solana’s $12.3 million. The influx is indicative of growing investor confidence in Sui’s capabilities and potential as an emerging force in the blockchain market.
🚨BREAKING 🚨: #Sui recorded higher net inflows than Solana and Ethereum combined with $24.3M. https://t.co/sMUM9RIGcn
— Adeniyi.sui (@EmanAbio) November 2, 2024
Despite its recent gains, Sui faces challenges. The SUI/SOL ratio, which measures Sui’s performance relative to Solana, showed a decline in October, signaling a potential underperformance against Solana despite its overall growth.
This could point to a cooling-off period for Sui after its significant run-ups in August and September, where it saw a 300% increase in the SUI/SOL ratio.
Moreover, Sui has shown signs of robust network engagement, with a 5% increase in new accounts over the past week, totaling 862.7K. This reflects a heightened interest in altcoin, potentially setting the stage for future price appreciation.
Current trading patterns on Binance also show a balanced sentiment among traders, with long positions slightly outweighing shorts.
However, Sui’s future price movements remain uncertain. The cryptocurrency has established strong support above $1.6, which historically triggered rebounds in September and October.
Should this pattern persist, Sui could see a recovery towards the $2 mark, representing a 16% potential increase from its current support levels.
SUI is currently trading at $1.9218, up 0.71% for the day. Over the past week, SUI has gained 7.32%, and over the past month, it has increased by 15.64%, reflecting a solid bullish trend.
The trading volume in the last 24 hours is approximately $546.05 million, indicating active market interest. Key resistance levels are around $2.07, where recent price action faced rejection, while immediate support lies near $1.90.
Technical indicators suggest a cautious but positive outlook, with the potential for further upside if SUI can break through the $2.07 resistance level. A drop below $1.90 could signal a short-term pullback.
