Once calculated that Ethereum (ETH) would not rise! The bigwigs in the currency circle are more optimistic about $SUI! Why?
He mentioned 5 key factors that are favorable to Sui:
Economist recommendation: Raoul Pal, a well-known macro investor and economist, recently publicly recommended the Sui project, and he is also one of the consultants of the project.
Large over-the-counter (OTC) buy orders: Kang mentioned that the Sui project has attracted a large number of over-the-counter buy orders recently, showing that the market’s interest and support for this project are very high.
Strong holder base: Kang pointed out that even in the case of large-scale unlocking, holders of the Sui project still show a strong willingness to hold.
Positive price trend: Kang pointed out that in the recent price trend, Sui has shown a fairly positive upward trend and has not seen a sharp pullback.
Performance upgrade: Sui’s developer Mysten Labs launched a new consensus engine Mysticeti, hoping to reduce the latency of the Sui blockchain. Kang predicts that the upgrade may bring more interesting APPs to the Sui ecosystem.
Andrew Kang published a long article on June 23, expressing his pessimistic attitude towards the future of Ethereum and revealing three major flaws in its fundamentals. He pointed out at the time that even if the Ethereum spot ETF was listed, its impact would be far less than that of the Bitcoin spot ETF.
Kang also mentioned that the market's expectations for the Ethereum ETF had long been digested, resulting in limited room for Ethereum's price to rise. Therefore, even after the ETF is listed, the price of Ethereum will only fluctuate between $2,400 and $3,000.
A few days after Kang published the article, the monthly closing price of Ethereum ($ETH) fell to $3,432, and the Ethereum spot ETF was officially listed at the end of July, with a total trading volume of $1.1 billion on the first day. The average price in the following days fell between $3,300 and $3,500, which is indeed not much growth.
Moreover, since the beginning of August, Ethereum has fallen below $3,000 and has been fluctuating between $2,100 and $3,000 since then. The current price is $2,544, which is close to the range predicted by Andrew Kang.
