A popular crypto trader thinks one nascent Ethereum (ETH) competitor could be on the cusp of a “considerable expansion upward.”
The mainnet of Sui Network went live in early May, and the SUI token kicked off trading around $1.40. The 48th-ranked crypto asset by market cap then dipped in price across the summer and fall and plunged to a low around $0.365 in October.
SUI’s price has been on the road to recovery in January, however, with the asset reaching a recent high of $1.59 at time of writing. The Flow Horse says that price trajectory also makes SUI’s future look bullish.
“Almost every single name that has done this and re-bid over the listing has seen considerable expansion upward in the weeks that followed. Betting that SUI should be no different.
Invalidated if we start re-accepting below $1.30.”
The blockchain is a competitor of Aptos (APT), which uses the same coding language, Move, originally developed for Meta’s attempt at developing a digital asset. Sui Network runs on a delegated proof-of-stake (dPOS) consensus mechanism and aims to provide low latency and high throughput.
Mysten Labs, the developers behind the project, raised $300 million in late 2022 at a $2 billion valuation.
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