Will SUI reach its ATH soon?

Sui Network recently surpassed Solana Network in terms of transactions. Sui reached 117.88 million Transactions (TXs), while Solana only managed to reach a low of 35.41 TXs. On October 4, 2024, the dynamics significantly changed, largely due to the network’s lower fees. Analysts and experts from the industry now hint that Sui is becoming what Solana should have become a long time ago.

In terms of its ATH, SUI was last seen being traded at $2.18 as its ATH on March 27, 2024. Its current value is $1.92, which is up by 10.84% in the last 24 hours at press time. A new ATH is on the horizon, with members speculating that it could happen any time now. According to near-term projections, a new ATH is expected to appear on the price chart in the next five days. That will result in a significant increase of 29.93% from the current value, bringing SUI to $2.47. SUI will then attempt to reach a high of $6.19 by the end of October 2024, or the middle of November 2024.

Charles Hoskinson recently spoke on the developing contest between Solana and Sui.  In a sense, the founder of Cardano ($ADA), Charles Hoskinson, criticized Solana while simultaneously praising Sui. He stated that Sui is becoming what Solana should have become.

A few core issues with Solana pertain to its limited real value, centralization, and developer accountability. Sui, on the other hand, is leveraging its strengths with innovative technology, growth potential, and increased user adoption.

VanEck has identified both networks as possibilities with the potential to continue rising. The firm has also added Aptos to the list. Since January 2024, all three tokens have gained more than 900%.

Source: CoinMarketCap

VanEck has stated that the design of Sui is more likely to yield gains in NFT mining and small payments, as these heavily rely on the efficiency of cost plus speed. SUI’s growth translates to 124.38% in the last 30 days. September was a significant month for Sui Network as it achieved a milestone of surpassing $800 million in daily trading volume on September 24, 2024. The performance is rather impressive for a network that is backed by its monolithic structure. The focus of the architecture remains on delivering a higher transaction throughput at lower costs.

All eyes are focused on a new ATH for SUI. It could happen in the next 30 days, or by the middle of November this year. It is probable that the development of Sui Network’s native token will be significantly influenced by two factors: the Federal Reserve’s rate cuts and the clarity surrounding the US Presidential elections in November 2024.

Solana and Sui Network continue to compete for the title of the best network. Sui has surpassed Solana once; it would aim to do it again to better cement its reputation in the industry.