Solana Rival Sui Explodes 148% From Lows in Sudden Resurgence Despite Large Token Unlocks
Layer-1 blockchain Sui has printed more than a 2x from its lows in the last seven days, outperforming most of the top 100 altcoins.
After hitting the $0.45 level on August 5th, SUI traded for $1.12 early Monday morning, a 148% gain in a week.
In May, Sui unlocked 1.04 billion SUI tokens, which is 10.4% of the max supply of 10 billion and was 39% of the market cap at the time.
In early June, July and August, 0.87%, 0.86% and 0.84% of the max supply were released respectively.
Similar unlocks are scheduled on a monthly basis for SUI throughout its entire vesting schedule, gradually getting smaller until 2023.
Real Vision founder and macro guru Raoul Pal – who is on the Sui Foundation – says he’s partially anticipating Sui to begin outperforming Solana (SOL).
“Clearly, everyone is caught owning zero SUI while the price explodes. To prove itself worthy of the Next Big Thing it needs to properly prove itself vs SOL by breaking the downtrend…. not there yet and I’d be surprised if it did it immediately.”
Pal recently said that SUI was breaking out against several other layer-1 chains like Avalanche (AVAX) and Celestia (TIA), and that concerns about its token unlocks and valuation were likely overblown in the long term.
“Yes, there are token unlocks but the worst has passed and really the game is about demand, not supply. Supply is known, demand is the swing factor.
Yes, it is a high Fully Diluted Valuation (FDV) coin and some people don’t like them. I like to find places where the current narrative is overpowered by price action.”
At time of writing, SUI is trading at $1.07.
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