Sui has often been labeled by many as a potential “Solana killer.” Its recent price surge has led many to speculate that it could overtake Solana in the near future. A top crypto analyst with over 100k subscribers on YouTube, speaking on his channel Sin City Crypto, discussed Sui’s growing potential to challenge—and possibly surpass—Solana in market capitalization.
Citing bold claims from macro investor Raoul Pal, the analyst suggested that SUI could outpace Solana in the next bull market. He stated that SUI is on track to outperform Solana, referencing an article from Daily Hodl that emphasizes the importance of comparing the price charts of SUI and Solana. While SUI has shown recent price gains, he noted that outperforming in price does not automatically translate to flipping in market capitalization.
Sin City Crypto noted that SUI’s price action has converged with Solana’s. A broader perspective reveals that since November 9, SUI has indeed Solana, particularly noting a significant turning point on September 19.
The analyst considered hypothetical scenarios for SUI’s price if it were to reach Solana’s current market cap or its all-time high. He estimated potential prices of $38.70 and $40 for SUI, assuming Solana’s market cap remains unchanged. However, he expressed skepticism about this outcome, suggesting that while it is possible, it appears unlikely.
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Comparing Ecosystems
Turning to the ecosystems of both cryptocurrencies, the analyst reflects on Solana’s impressive growth in the previous cycle and its current robust ecosystem. He pointed out that Solana is now leading in various sectors, including meme coin trading and NFT adoption, which poses a challenge for SUI, whose ecosystem is still in its infancy.
Despite SUI’s recent total value locked (TVL) growth, which he noted has surged from $113 million to $1.6 billion, the analyst argues that it still lacks the comprehensive ecosystem that Solana has developed. He stated that SUI is leading in TVL growth among the top competitors, yet its ecosystem will require more time to mature.
The analyst identified gaming as a crucial narrative for SUI’s potential success. He mentions several gaming projects associated with SUI, such as PlayUM and Off the Grid, which have generated excitement in the community. He cited a CoinTelegraph observation that the success of Off the Grid indicates that “invisible blockchain” solutions could be advantageous.
He also noted SUI’s technical advantages, particularly its throughput capabilities, which are touted to reach nearly 300,000 transactions per second—ideal for competitive gaming. However, he remains skeptical about the assumption that blockchain and Web3 gaming will drastically transform the market across all sectors.
Bullish Outlook Despite Challenges
Discussing SUI’s tokenomics, the analyst pointed out that it is still in a price discovery phase and has seen a significant concentration of tokens in a few wallets. He asserts that only 25% of its supply is currently circulating. Speculating that these dynamics may become less relevant in a strong bull market as demand could outstrip supply.
While Solana’s market cap exceeds $10 billion, the analyst believes SUI would need to increase its valuation significantly to catch up, which he deems unlikely in the current market cycle.
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The analyst predicted that SUI will continue to build and develop through the next bear market. He emphasized that Solana’s future success will hinge on its ability to expand its ecosystem and attract a wider user base. In closing, he advises Raoul Pal to reconsider his bullish outlook on SUI flipping Solana, suggesting that history indicates such a scenario is unlikely in this cycle.
