While popular altcoin Solana is currently seen as the best layer-1 network rivaling Ethereum, analysts claim that another altcoin could replace Solana.
Accordingly, K33 Research said Sui (SUI) has emerged as a potential rival to Solana.
Sui Network Could Be Solana's Biggest Competitor!
While Solana is currently competing with ETH as the top alternative layer-1 network after Ethereum, analysts at K33 Research suggested that Sui could be a serious rival to Solana.
K33 Research analyst David Zimmerman highlighted that Sui has recently surpassed Solana, with the SUI/SOL ratio increasing by 115% since August, compared to SOL’s 6% gain against ETH.
Zimmerman stated that with this success, SUI could rival Solana and replace Solana as an Ethereum rival.
Zimmerman said Sui's technology supports a maximum of 297,000 transactions per second, surpassing Solana's 65,000 transaction capacity, demonstrating its powerful capabilities.
“Solana often takes the spotlight in L1 battles, but SOL/ETH is up 6% since early August, while SUI/SOL is up 115% in the same period.
Sui features market-leading L1 technology with a maximum theoretical throughput of 297,000 transactions per second (TPS) and a completion time of 480 milliseconds.
These achievements make SUI a potential and powerful contender.”
Despite SUI’s successes, Zimmerman noted that there is a significant obstacle affecting SUI’s long-term price action.
Stating that this obstacle is token supply, the analyst said, “Since SUI's token percentage in circulation is very low against Solana, SUI may face significant sales after unlocking operations in the future. Because only 27% of Sui's total token supply is in circulation, while 80% of Solana's total token supply is currently in circulation.”
SUI, which has gained 13.1% in the last 24 hours, continues to trade at $1.36 at the time of writing.
*This is not investment advice.