Sui eclipsed combined net inflows of Solana and Ethereum, reinforcing its remarkable traction. A sign for future SUI price prospect?
Artemis data showed Sui had a significant lead over the past 7 seven trading days on inflows, outflows and netflows.
It saw more inflows than Solana on the weekly charts. On a month-to-date basis, it had $19.3 million in net inflows compared to Solana’s $12.3 million as of the time of writing.Sui has been deemed a great alternative to SOL, and some analysts even believe that SUI’s price action could follow SOL’s trajectory.
In fact, SUI outperformed SOL on the price charts in August and September, as shown by the wild 300% run-up in SUI/SOL ratio.The SUI/SOL ratio tracks SUI’s relative performance to SOL. However, in October, the ratio declined, suggesting that SUI underperformed SOL.Despite the surge in interest, SUI’s market positioning was almost neutral, mirroring the broader market sentiment ahead of the US elections.
Top traders on Binance had a slight dominance in long positions, at 51%, compared to nearly 49% shorts. The negligible difference meant that the market could go either direction in the short term, depending on the election outcome.However, the price chart showed a strong support above $1.6, which triggered a price rebound in September and October.
If the pattern repeats, SUI could recover from it and eye the trendline resistance near $2. That would be a 16% potential recovery from the $1.6 – $1.7 support zone.Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.Subscribe to get it daily in your inbox.
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