After a stunning rally in recent weeks that has seen it more than 4x from recent sub-$0.50 lows and burst above $2.0, the Sui (SUI) price has started to lose momentum.
SUI was last trading just above $2.0, having fallen back substantially from last week’s highs in the $2.30s.
Profit-taking in the layer-1 blockchain protocol might have set in with Sui having reached a fully diluted market cap of above $20 billion, nearly 25% of Solana’s (SOL) fully diluted value of close to $90 billion.
Indeed, some theorize that investors might be now jumping ship to Solana, as the leading blockchain threatens a major bullish breakout.
While the Sui price has already hit fresh highs for the year, Solana remains 28% down versus its March highs.
Last, just above $150, Solana remains locked close to its 50 and 200DMAs.
But, with SOL having formed an ascending triangle in recent months, a bullish breakout could be coming.
SOL could quickly surge back to yearly highs above $200.
So, continued rotation into SOL from SUI could be on the cards.
Where Next for the Sui Price?
Even if rotation towards Solana occurs, the Sui price will continue to appreciate.
SUI is currently in a short-term uptrend, and a return to its recent record highs could be on the cards.
As the crypto bull market matures, Sui could even rise as much as threefold from current levels.
Those are impressive gains, though crypto degens looking for 20-50x returns will need to look elsewhere.
One investment strategy they might want to consider is getting involved in meme coin presales.
Cryptonews.com monitors the meme coin presale market closely and is constantly looking for the next high-potential play.
18 Best New Meme Coins to Buy in October 2024
One project they think has great potential is Meme Bets (MEMEBET).
Meme Bets is an exciting new meme ICO that is building an exciting Telegram/web crypto casino, but with a unique twist.
The meme ICO is specifically tailored towards the meme coin trading crowd and is set to become the first GambleFi protocol to allow users to bet using their meme coin holdings.
Meme Bets has already raised an impressive $470,000 in its presale in just a few short weeks.
The surge in demand for the new token isn’t surprising, as analysts favor the project.
Analysts at 99Bitcoins, for example, recently explained why they think Meme Bets has 100x potential.
The post Sui Price Slips Towards $2 as Solana Eyes Breakout – Are Traders Jumping Ship to SOL? appeared first on Cryptonews.
This articles is written by : Fady Askharoun Samy Askharoun
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