- Solana is rapidly gaining traction among Web3 developers and may soon surpass Ethereum as the top blockchain for new projects, says VC Qiao Wang.
- Despite Ethereum’s lead in DeFi TVL, Solana’s momentum and active user growth signal a major shift in the crypto landscape.
Sui (SUI) is showing strong bullish momentum, hovering above $3.40 despite a minor 1% drop in the past 24 hours. While it faces short-term volatility, multiple factors are pointing to potential long-term gains. A major highlight for Sui is the recent filing by 21Shares, a European crypto investment giant, for a Sui exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). This move marks a significant step toward increasing institutional interest in the Sui ecosystem.
The Sui ecosystem’s growing prominence is evidenced not only by the ETF filing but also by several strategic partnerships. In early May, 21Shares revealed a collaboration with Sui, aiming to expand network access globally. Duncan Moir, President of 21Shares, expressed strong confidence in Sui’s potential, citing its high-performance infrastructure as a key driver for institutional adoption. The partnership will lead to cooperative products, research, and projects designed to boost Sui’s presence in the U.S. market.
Also read: Solana Set to Surpass Ethereum in 2025, Says Top VC Qiao Wang
Sui’s momentum isn’t limited to institutional interest. The platform recently announced the integration of sBTC, enabling Bitcoin-based decentralized finance (DeFi) applications. This positions Sui as a strong contender in the rapidly expanding Bitcoin DeFi space, where over $6.5 billion is locked in systems. The integration of sBTC allows Bitcoin holders to participate in DeFi while staying aligned with Bitcoin’s trustless ethos—an appealing prospect for institutional investors.
Furthermore, Sui’s ecosystem is expanding into gaming. Playtron, a gaming company, plans to launch a stablecoin called “Game Dollar,” designed specifically for gaming-related transactions. This custom stablecoin is expected to enhance Sui’s value by enabling a new model of programmable consumer incentives within the gaming world.
Technically, Sui’s price is on a bullish trajectory. The recent crossover of the 21-day and 200-day exponential moving averages (EMAs) suggests a continuation of the uptrend, with the potential to retest its all-time high of $5.35. The Relative Strength Index (RSI) supports this, indicating a strong, albeit slightly overbought, uptrend.
Given the rising institutional interest and expanding capabilities within Sui’s ecosystem, the price is set for significant gains. A potential retest of the all-time high seems likely in the coming weeks, with the possibility of new records if momentum continues to build. As Sui strengthens its position in the market, it is poised for exciting growth ahead.