Is Sui the Next Solana? $3.3B Volume Sends SUI Price Soaring 20%

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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April 24, 2025

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SUI has surged by 20% in the past 24 hours, with the altcoin’s move to $3.58 coming as the crypto market as a whole barely moves today.

This price means that SUI is also up by 69% in a week, with the major catalyst for this gain being Grayscale’s launch of the Grayscale SUI Trust, which is looking to attract institutional investors to the altcoin.

Combined with Sui’s solid fundamentals and steady growth as an ecosystem, such a development puts the coin in a very strong position for the coming months.

Is Sui the Next Solana? $3.3B Volume Sends SUI Price Soaring 20%

On the one hand, Grayscale’s announcement of a trust for SUI has greatly boosted bullishness for the token, signalling that whales and institutions will soon be coming for it.

On the other hand, SUI had already been expanding steadily prior to this announcement, with the platform announcing a more or less regular stream of launches and partnerships in recent months.

For instance, xPortal has launched a SUI-based Mastercard in recent days, while the upcoming SuiPlay handheld gaming device has just sold out its preorders.

It’s therefore a very exciting time for Sui, which is already the ninth-biggest layer-one network in terms of TVL, at $1.7 billion.

It arguably looks like the next big L1 platform, with its coin’s chart and volume reflecting the overarching mood of optimism.

SUI has clearly broken out of its long-term downtrend, confirming a strong bullish reversal after breaking through the upper trendline of a falling wedge.

Currently trading around $3.66, the token has rallied sharply, and the RSI is sitting at 85.5, deep in overbought territory — a level typically seen during aggressive bull runs.

While some short-term cooling is expected, the steep breakout suggests SUI has likely entered price discovery mode, with traders eyeing a consolidation before the next leg higher.

If momentum holds, a move toward $5.36 — the previous high — looks increasingly likely in the coming weeks.

With sentiment turning bullish and technicals backing the trend, SUI could be gearing up for a sustained move higher, especially as broader market conditions remain favorable.

Based on this, and based on recent improvements in the ongoing tariff war, SUI could hit $4 in the coming days and $10 within weeks if current momentum continues.

New Presale Coins Could Deliver Even Bigger Gains

With SUI already up 20%, some traders are looking to lock in profits — and turn their attention to fresh opportunities that haven’t yet made a big move.

Presale tokens are gaining serious traction, offering lower entry points and the kind of early momentum that can lead to outsized returns if the broader market stays hot.

Right now, several new presales are showing strong upside potential — and could be the next breakout plays to watch.

Not all presales are likely to do well over the long-term, but one example with lots of potential is Solana-based layer-two platform Solaxy (SOLX).

Solaxy has now raised $31.5 million in its hugely popular sale, with investors excited about the project’s plans to launch Solana’s first L2 network.

As an L2, Solaxy promises ulta-fast confirmation times and low fees, helping to address Solana’s ongoing issues with delays and dropped transactions.

Solaxy will also enable instant bridging between its own network and Solana, with plans to expand its compatibility to other chains in due course.

The project is aiming to become a key platform for meme tokens, while it already boasts more than 60,000 followers on X, an early sign of its potential popularity.

Investors can join its sale by visiting Solaxy’s official website, where SOLX currently costs $0.001704.

This will rise to $0.001706 later today, and will continue to rise until the sale ends, so traders who want to lock in the biggest possible gains should buy sooner rather than later.