Layer-1 blockchain, Sui (SUI), has been gaining remarkable attention in the cryptocurrency space recently. As of the current analysis, SUI has experienced an astonishing 125% increase over the past 30 days and a dramatic 345% rise from its annual low of $0.46 recorded on August 5. These impressive statistics place SUI among the top-performing cryptocurrencies over the past two months, distinguishing it as one of the few altcoins to have reached their all-time high during this period.
Comparing SUI and Solana
Recently, the buzz surrounding SUI intensified when several accounts on X claimed that SUI had surpassed Solana in daily transactions for the first time. Enthusiasts were quick to label SUI as the next “Layer-1 killer,” suggesting it might soon overtake Solana, a prominent Layer-1 blockchain following Ethereum in the hierarchy.
Criticism and Clarification
However, this claim was met with skepticism and critical analysis from industry experts. Developer João Mendonça took to X to counter these assertions, explaining: “SUI did not surpass Solana in daily transactions — there’s no free lunch. On the left = a deceptive chart where each instruction of each transaction is counted as a transaction on SUI. On the right = Artemis’s genuine read of daily transactions.”
Mendonça referred to an insightful explanation by analytics firm Artemis from May. The firm highlighted that traditional Ethereum Virtual Machine (EVM) architectures involve users submitting transactions that execute a set of instructions. Conversely, on the SUI blockchain, users submit a transaction block containing multiple transactions that update objects in the global state. Therefore, directly comparing transaction counts between SUI and other blockchains like Solana can be misleading.
Expert Analysis and Market Sentiment
Prominent crypto analyst VirtualBacon also contributed to the discussion by analyzing the SUI/SOL price chart. He commented, “SUI vs SOL ratio almost at resistance. One must question the upside potential of this ‘new killer L1’. For this to keep running another month, it either completely takes over the market share of Solana, or we rotate back to the proven chain.” Expressing skepticism about SUI’s ability to sustain its momentum against Solana’s price, he added, “Somehow, people in comments believe they’re still early to $SUI at ATH and 20B FDV. It’s nowhere close to Solana-level adoption, in my opinion.”
Market Forecast and Future Prospects
Crypto analyst Michaël van de Poppe also expressed doubts regarding the immediate continuation of SUI’s price rally beyond its all-time high. He shared his thoughts via X, saying: “SUI did run away and printed a new all-time high. The first one! Didn’t allow me to enter, but it might be topped for now. Looking at the same region or $1.85 for entry zones. Massive runner.”
Building Momentum and Industry Support
Despite the ongoing debates, SUI has undeniably been gaining significant traction. In September, Raoul Pal, founder and CEO of Global Macro Investor and RealVision, praised SUI as a “groundbreaking ultra-fast L1, super efficient, full blockchain ecosystem.” He emphasized that SUI, developed from the remnants of Meta’s Diem project, is engineered to scale for billions of users transitioning from Web2 to Web3 technologies. Pal’s endorsement has further amplified interest in SUI within the cryptocurrency community.
Strategic Integrations and Growth
Adding to its expanding ecosystem, Circle—the company behind USDC, the world’s second-largest stablecoin by market capitalization—announced in September that the Sui network would support USDC. This integration is anticipated to enhance liquidity and utility on the Sui blockchain, potentially attracting more developers and users.
Most recently, on Monday, crypto exchange Bybit announced support for SUI on its Launchpool platform. This development makes SUI only the second chain available on the service after Mantle (MNT), providing users with new opportunities to earn rewards and engage with the Sui ecosystem.
Current Market Position
As of the latest data, SUI is trading at $2.01. The ongoing developments and growing interest suggest that SUI has positioned itself as a notable player in the evolving crypto market landscape.
