Sui Hits New All-Time High – How High Can it Go?

Sui, one of the top-performing crypto assets in 2024, is back to its bullish ways and is already up by 27% since the start of the year.

As the Bitcoin price continues to rise, many experts believe that the highly-anticipated “altseason” is finally here. Unsurprisingly, the Sui coin is among the top performers, posting the highest gains of any top 100 cryptocurrency in the past 24 hours. It has established itself as the biggest threat to Solana, with many experts comparing its price action to SOL’s 2021 chart.

However, the Solana ecosystem is also showcasing impressive growth. The first-ever Solana layer-2 token Solaxy (SOLX) has raised over $8.2 million in early presale investments, with many viewing it as one of the next cryptos to explode.

Sui Hits New All-Time High – How High Can it Go?

Sui, one of the top-performing crypto assets in 2024, is back to its bullish ways and is already up by 27% since the start of the year.

The Sui price hit the $5 mark for the first time ever, reaching a new all-time high of $5.30 on Saturday with a market capitalization of just under $16 billion. Its strong 24-hour trading volume, which is up by over 200% and is at $2.63 billion, highly suggests the possibility of a bullish continuation.

In fact, it has the 9th highest trading volume of any cryptocurrency on CoinMarketCap.

Unsurprisingly, smart money investors aren’t looking to take profits on their Sui position just yet. Popular trader Honey, who has over 150k X followers, has revealed that she will start to DCA out of her position only after Sui surpasses the $6.9 price point, despite being up by 7x on this trade.

As previously stated, experts see strong similarities between Sui’s current price action and Solana’s 2021 chart, which could suggest that the token could continue to rally until $7 in the short term.

$SUI 2025 vs. $SOL 2021.

If there is one Altcoin that is getting closer and closer to the performance of SOL in 2021, it’s SUI.

It’s now back in it’s ascending broadening wedge pattern.

History Doesn’t Repeat Itself, but It Often Rhymes.

+$7 Dollar is no longer a meme. https://t.co/F8kwcHZCrj pic.twitter.com/PCPddbZWBx

— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔hæng>che 🧲 (@el_crypto_prof) January 4, 2025

Indeed, Sui has established itself as the biggest threat to Solana’s dominance, considering the similarity in their key selling points, including high speed, impressive network throughput and exponential scalability.

In fact, Solana’s struggles during periods of high network congestion could result in the Sui replacing it as the hotbed of the upcoming alt season, especially now that Phantom has decided to expand its services to the latter. For instance, nearly 75% of non-vote SOL transactions failed at one point during last year’s meme coin mania.

Is Solaxy the Next Altcoin Explode?

Considering Solana’s struggles last year, Solaxy (SOLX) could prove to be a game-changer for its ecosystem.

Solaxy is the first prominent Solana Layer-2 chain. It will utilize rollup technology — bundling Layer-1 transactions off-chain into batches, processing them off-chain and publishing the results back on the L-1 settlement.

Solana is expected to face heavy traffic and network congestion again during the upcoming altseason. It is being viewed as the hotbed of meme coins, DePIN and AI agent coins, all of which are in high demand.

In this regard, Solaxy’s Layer-2 technology and modular architecture are expected to result in fast and cheap transactions on both chains.

Currently in its presale phase, Solaxy has raised over $8 million in less than a month, displaying significant investor backing.

Besides, SOLX’s strong fundamentals have impressed smart money investors, especially its community-centric tokenomics, smart contract audits and social media following. Similarly, early SOLX buyers are also benefitting from its native staking protocol, which is currently offering a reward rate of over 500%.

Unsurprisingly, experts are bullish on Solaxy’s high upside potential, especially in the upcoming altseason. Many view it as one of the next crypto to explode, with some eyeing up to 10x returns from it.

Visit Solaxy Presale

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