A lot of talk has been going around about Sui's (SUIUSD) long-term potential and many have gone as far as to compare it with Solana (SOLUSD), claiming it is a threat to the already established token. But is Sui really the new Solana?
We've made today's comparison for those people in an attempt to find any technical similarities between the two. The time-frame is 1W and as you can see, we compare Sui's price action from its start (May 2023) with SOL's from the first trading day back in April 2020.
As you can see, Sui has started off in quite similar fashion as Solana back in the day: initial correction, then big rally into a Bull Flag (dotted Channel Down). This gave Solana way to an even bigger rally, which after another Bull Flag, it peaked just above the 2.618 Fibonacci extension in early November 2021.
Sui is so far enjoying the first post Bull Flag rally, by making a new All Time High (ATH). Their 1W RSI sequences are also fairly similar. We expect the recent 2-week pull-back to resume the uptrend and as long as the 1W MA50 (blue trend-line) holds and continues to offer support, attempt to reach as high as possible within a 1-year time-frame.
If that's on the 2.618 Fib, as Solana did, then look towards a $40.00 Target. Now would that make Sui the Solana killer? No, but it will be interesting to see if it will indeed follow in its footsteps.
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