This Ethereum Competitor’s Potentially on the Cusp of ‘Considerable Expansion,’ Says Top Trader
A popular crypto trader thinks one nascent Ethereum (ETH) competitor could be on the cusp of a “considerable expansion upward.”
The pseudonymous crypto analyst known as The Flow Horse calls attention to the layer-1 blockchain Sui Network (SUI).
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.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post This Ethereum Competitor’s Potentially on the Cusp of ‘Considerable Expansion,’ Says Top Trader appeared first on The Daily Hodl.
