SUI outshines Solana on the price font – Is $6 the next target?

• SUI has outperformed SOL by 30% so far in January 
• Some community members still expect the altcoin to flip Cardano by February

Sui [SUI] outperformed Solana [SOL] by 30% in early January, continuing a trend that began last September. This reinforced SUI’s position as a strong competitor in the layer 1 space. In fact, its remarkable traction has gotten the attention of some SOL investors like Rauol Pal. 

Source: SUI/SOL, TradingView 

Since the November elections in the U.S, SUI has outperformed SOL by 166%. Simply put, SOL investors would have been better off holding SUI over the past three months. 

SUI network activity soars

That being said, SUI’s recent rally was also marked by strong network growth. In early January, the gas consumed soared from 16k to over 21k, indicating an uptick in transactions within Sui’s network.

Similarly, active addresses increased from 590k to over 770k in less than two weeks—A 30% increase. With such an uptick in network activity and demand, SUI’s price jumped by 30% to $5 and still held some New Year’s gains.  

Source: Artemis

On the price chart, the altcoin chalked an ascending channel, with traders now targeting the range of highs and lows for entry and profit-taking.

If the channel holds over the next few weeks, SUI could slowly climb to $6 or above. 

Source: SUI/USDT, TradingView

In fact, a recent random X poll indicated that some users expect the altcoin to flip Cardano [ADA] by February.

Currently, ADA is ranked as the ninth largest crypto by market cap with figures of about $32 billion. SUI was 11th with $15 billion, about half of ADA’s market size. Assuming ADA’s traction remains constant, SUI has to double its current value to +$10 to flip it. 

Source: X

Worth noting, however, that Coinglass data revealed that 57% of top traders’ positions in the Binance exchange were betting on SUI’s upswing. If the market sentiment improves, bullish sentiment could fuel altcoin traction.