Sui Network (SUI) has made waves in the cryptocurrency market, presenting itself as the “Solana (SOL) killer” or the “next Solana-like big mover.”
Sui Network (SUI) has seen a massive surge in popularity, becoming the most trending cryptocurrency on Santiment. However, despite the token’s impressive gains, technical indicators suggest a possible short-term price correction.
Finbold retrieved premium data from Santiment’s SanBase Pro trending coins on August 16. Notably, SUI appears as the most trending cryptocurrency with a 48.92% negative and a 38.13% positive sentiment.
Among the criticisms, commentators have mentioned a high fully diluted value (FDV) for the token, as well as concerns related to incoming unlocks from vesting contracts. On the other hand, people have praised the Move language and Sui’s transaction efficiency, with fast finality and low fees.
Fully diluted value refers to the projected market capitalization a cryptocurrency will have once all its tokens are in circulation. Essentially, Sui Network still has less than 26% of its maximum supply circulating, with a high projected supply inflation.
Despite the dominating negative sentiment, technical indicators remain slightly bullish, suggesting a possible short-term price correction. As of this writing, SUI trades at $0.825, up 6.16% year-to-date, fully retraced after peaking at $2.09.
In this context, Web3 researcher and developer Sandra Leow shared a few insights on X regarding SUI on August 15. First, the analyst started questioning whether Sui is “still the Solana killer?” For the data, Leow turned to her Web3 intelligence platform, KaitoAI.
According to Sandra, Sui saw a positive sentiment inflow in early August, reaching its highest positive sentiment since launch. On that note, Sui’s sentiment index rose from 0.34 to 2.34 by August 7.
However, the most notable surge was related to SUI’s mindshare, from 0.08% on August 6 to 0.66% on August 9, when the token’s price also surged from $0.53 to $0.83. Interestingly, on the same day, Raoul Pal posted about Sui being “the next big mover after Solana,” as Finbold reported.
The mindshare peaked at 2.18% three days later, on August 12. This is a comparatively high value for a project with Sui’s market capitalization, considering SOL has between 6 to 8%.
Currently, Sui’s momentum appears to have cooled off, but this is also true for all other cryptocurrencies. The market experienced a crash, led by Bitcoin (BTC) and Ethereum (ETH) sell-offs, which increased the bearish sentiment.
From a technical analysis perspective, the “Solana killer” could regain momentum if Sui sustains its current price support at around $0.80, aiming for higher grounds. Nevertheless, this short-term growth will still need to beat the mid- and long-term tokenomics, which could hold it down.
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