Sui Soars 10% as $1.5 Billion Flows In – Is Sui the Next Solana?

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Tim Hakki

Web 3 Journalist

Tim Hakki

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A journalist and copywriter with a decade's experience across music, video games, finance and tech.

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October 30, 2024 13:38 EDT

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The $SUI token underpinning the Layer 1 SUI network continues threatening rival Solana as it surges towards a new all-time high (ATH) today.

In the last 24 hours, $SUI added 3% to trade at $2.03. This brings the token just 13.5% away from setting a new all-time high after it crosses $2.35, which the token hit a little over a fortnight ago, October 17th.

In general, crypto markets fell 0.9% overnight and now have a combined market cap of $2.53 trillion, of which $SUI corners about $5.6 billion.

$SUI blew up an eye watering 8% over the last seven days, which makes it the week’s fastest growing cryptocurrency among the thirty largest layer 1 projects behind Bitcoin ($BTC), which rose 8.3% in seven days to trade at $71,944.

Now, Sui Network is the 22nd biggest cryptocurrency on the market.

Ethereum ($ETH), the token underpinning the most commercially important blockchain, rose 3% over the week to land on $2,661.

Meanwhile, Ethereum’s biggest competitor by market cap, the $82.6 billion Solana ($SOL), is having a bad day. $SOL fell 3% to $176.

Sui Price Analysis: Where’s SUI Heading Next?

Like Solana and Ethereum, Sui Network deploys high-functionality smart contracts, enabling developers to build a world of decentralized applications (dApps) offering services from finance to gaming.

Sui processes transactions a lot faster than Ethereum. While Ethereum has a maximum theoretical throughput of 119 transactions per second (tps), Sui’s developers say it is capable of achieving a staggering 297,000, thanks to its ability to process multiple transactions simultaneously.

Despite its promise, Sui Network’s support level has been falling steadily throughout 2024 and was dragged down significantly by the crypto crash on August 5th.

Since then, rising support (green line) highlights the token’s firm footing above $1, however, a falling relative strength index (RSI) of 48 indicates selling momentum that will likely cap the token’s rally at its current price point.

As we can see from the yellow RSI line, heavy buying on Monday led to overbought (and overpriced) stock through Tuesday. Today’s falling level suggests investors are doing a spot of profit-taking today, but this is unlikely to crash the price.

Beyond Sui and Solana: Put Meme Coins to Work With Crypto All-Stars

It’s too early to say whether Sui Network can dethrone Solana’s $SOL as the leading Layer 1 altcoin, but it has a hell of a race to get there. Sui is facing fierce competition from other leading Layer 1s, like Toncoin, Cardano and TRON.

However, over in the rally-rich fields of the meme coin sector, investors are diversifying their Layer 1 holdings with altcoins that are adding new utility and generating rich rewards for stakers.

One such project—a unified staking protocol for meme coin fans—is Crypto All-Stars ($STARS) a revolutionary platform that brings together the most celebrated meme coins in one place.

Holders of Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin can stake them in the MemeVault and earn passive income in $STARS with a rewards rate currently set at 539%.

The team has allocated 20% of the tokens for its presale; the other 25% is for presale staking, 20% for marketing, 10% CEX/DEX listing, and the remaining 25% for the MemeVault ecosystem.

The project has gained so much popularity that its presale has already raised $2.86 million.

Investors can begin staking for rewards after purchase and claim the tokens once the presale ends.

Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.

Keep up to date with Crypto All-Stars – X (Twitter) | Telegram

Visit the Crypto All-Stars Presale Website Here