With SUI on Solana’s heels, which altcoin is likely to win the race?


With SUI on Solana’s heels, which altcoin is likely to win the race?


Key Takeaways

SUI flipped Solana in monthly stablecoin transfers. Additionally, its weekly volume and users have been growing lately. While Solana is still leading by active users, will SUI eventually catch up?


Sui Network (SUI) is continuing to race against Solana (SOL), with many deeming it as the ‘Solana killer’ while a few have also mocked it. In fact, at the time of writing, its price was trading at $3.89 while that of SOL was at $203, all having broken their bearish structures.

With the competition now already set, SUI flipped SOL on the monthly stablecoin transfers front, according to Torero Romero on X (formerly Twitter).

At press time, it had $128.9 billion in transfers ahead of SOL, Polygon (POL) and The Open Network (TON) which had $121.3 billion, $31.8 billion and $1.46 billion respectively.

Uptick in TVL and volume

Looking at more metrics, SUI seemed to have flipped the switch as its token volume rose by 100%, comparing to its previous week. This resulted in $3.7 billion in a week.

Also, its Total Value Locked (TVL) rose from about $17 billion to $22 billion. However, SOL led on this front with $27 billion – A sign that SUI has been in spirited competition against Solana.

sui sol

Source: DefiLlama

Meanwhile, its app revenue surged to an ATH of $50.37 million.

This affirmed the usage of the blockchain, especially from memecoins. This is where Solana blockchain thrives. In fact, SUI’s biggest memecoins surged by about 26% in a day, as per CoinGecko.

Similarity in price movements

Moreover, their price action charts have been looking identical. Especially at a time when the broader crypto market is rising.

SUI swept liquidity above the press time price of $4 and immediately, another cluster started to form. The dynamic liquidation leverage was at $18 billion, at the time of writing.

suisui

Source: CoinGlass

Similarly, SOL appeared to be forming a cluster above after picking liquidity above $200, as per CoinGlass. On Solana’s side, very minimal resistance was ahead as per the cost basis distribution map on Glassnode.

This could further fuel the competition which might help drive the price of the low capped altcoin.

Verdict on SOL vs. SUI race?

However, the possibility of it flipping SOL on all fronts may be an uphill task. This can be proven by the disparity in their daily active users (DAU), with SOL’s figures being 4x that of SUI, despite a drop.

The DAUs for SUI were at 1.1M, compared to Solana’s 4M after a drop from 5.2M. This put Solana in the lead, but further corroborated that SUI might be catching up.

SOLSOL

Source: Token Terminal

That being said, for SUI to overtake Solana, it will take some time. Some of SUI’s strengths stem from its theoretical throughput which has outpaced that of Solana this year.

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