04 Nov 2024 Morgan Hayze
SUI Overtakes Both Solana And Ethereum On Net Inflows
In 2024, Sui (SUI) was one of the leading emerging blockchains, poised to take a portion of the market share from Ethereum (ETH) and Solana (SOL).
According to Adeniyi Abiodun, co-founder of Mysten Labs and head of the Sui chain's development team, the chain recently outperformed ETH and SOL in terms of net inflows.
According to Artemis data, Sui had a sizable lead in inflows, outflows, and netflows during the previous seven trading days.
Source: Artemis
On the weekly charts, it had more inflows than Solana. As of this writing, its net inflows on a month-to-date (MTD) basis were $19.3 million, while Solana's were $12.3 million.
SUI's market positioning was nearly neutral despite the spike in interest, reflecting the general mood of the market before the US elections.
On Binance, top traders held a slight majority of long positions (51%), while short positions were almost 49%. Because of the small difference, the market could move in either direction in the near future, contingent on the outcome of the election.
Nonetheless, a price rebound in September and October was sparked by the price chart's strong support above $1.6.
SUI may bounce back from the pattern and target the trendline resistance around $2 if it recurs. The potential recovery from the $1.6–$1.7 support zone would be 16%.
Sui price forecast for 2024 and 2025
Earlier this year, SUI surged to a record high of $2.18, but the price has since dropped due to erratic market conditions. Despite this, a lot of people anticipate that its price will rise by the end of the year due to the Federal Reserve's rate cut and changes to its roadmap. It is anticipated that the project will undergo a number of significant updates that will increase its usefulness and appeal to developers and users alike.
Furthermore, the Sui blockchain process outperformed Ethereum, Polygon, and Tron in 2024 with 2.14 billion transactions. As the year goes on, this puts the token in a position to possibly profit from this increased traffic. The special data model that SUI employs will raise the likelihood of this. This was constructed using Move, a secure programming language that fixes the shortcomings of existing blockchain systems.
With the network possibly reaching over 5 billion transactions, our Sui price forecast for 2025 is focused on additional advancements in its expansion. As more decentralized apps (dApps) are created and made available on the platform, this might result. Additionally, as interest rates continue to fall globally, more investors will be able to purchase high-potential cryptocurrencies like SUI.
Sui's strong and user-focused platform is one of its primary selling points when compared to its competitors. With its abundance of features, this setting is anticipated to draw more users to the network. Simplifying the customer journey when interacting with web3 and blockchain products—one of the main obstacles for newcomers—is the goal of addressing this issue.
If SUI continues on its upward trajectory, its average price could rise by 28.51% from its current level to $2.43 by the end of 2025.
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