Sui Gains on Rival Solana as Trading Volume Explodes by 101%

• Sui’s 24-hour trading volume exploded by over 101%, reaching $1.48 billion amid renewed interest
• The Layer-1 blockchain has recently outpaced its key rival Solana in short-term price performance
• A technical chart pattern suggests Sui could be preparing for a breakout after a long consolidation

The Layer-1 blockchain Sui (SUI) is seeing heightened market attention, with its price showing renewed strength and its trading volume exploding by over 100% in a single day. The recent performance has seen Sui outpace its key rival, Solana, while a key chart pattern suggests the token could be preparing for a major breakout.

As of Friday, Sui was trading at around $3.00, up 4% over the past 24 hours. The move was backed by a massive surge in trading volume, which spiked by 101.31% to reach $1.48 billion, signaling a rush of new interest from traders.

Analysts Eye Breakout After Long Consolidation

Adding to the bullish sentiment, crypto analyst KNIGHT drew attention to a chart pattern, suggesting that Sui might be preparing for a breakout. 

The chart showed the token had spent several months building a strong base in a consolidation zone between $2.00 and $2.40. This type of extended consolidation is often seen by technical analysts as a “coiled spring” phase, where price pressure builds before a breakout. 

The analyst’s expert take on this aspect of the price has now been justified since SUI is now trading at the $3 range.

Sui Shows Strength, Outperforming Solana in Key Metrics

In a direct comparison, Sui’s recent market performance has been stronger than that of its main competitor, Solana (SOL). Over the 24-hour period ending July 3, Sui’s price jumped by 2.89%, while Solana posted a more modest 0.81% increase.

This divergence in performance shows Sui capturing a greater share of trader interest in the short term. Sui currently sits at a market capitalization of $10.3 billion, placing it at #12 on CoinMarketCap, just behind Solana’s $10.93 billion.

Related: Why Sui (SUI) Could Lead the Next Major Crypto Bull Cycle

Developer Growth Provides a Strong Foundation

Sui’s market momentum is supported by strong underlying fundamentals. Sui’s year-on-year developer growth now stands at 16.1%, placing it in direct competition with Solana, which experienced a growth rate of 17.7%. 

While many Ethereum Virtual Machine (EVM)-based Layer-1 chains have seen a decline in developer activity, Sui has managed to attract and retain a solid base of builders.

Related: Sui Is Building a Skyscraper on a Shaky Price Foundation

Sam Blackshear, co-founder and CTO of Sui developer Mysten Labs, previously highlighted this achievement as a testament to the strength of Sui’s technology and its ability to attract and retain builders, even during challenging market conditions.