Sei and Sui Skyrocket 18% – But Experts Are Watching This Little-Known Coin for the Next Move
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The $SUI token underpinning the Layer 1 SUI network is closing on a new all-time high (ATH) today, while the similarly named $SEI from the Sei protocol is the best-performing Layer 1 token this week.
In the last 24 hours, $SUI added 8% to trade at $1.73. The Sui Network token blew up an eye-watering 45% over the last seven days, which makes it the week’s second fastest-growing cryptocurrency among the seventy-five largest layer 1 projects after Sei’s $SEI, which added 73.5% over the week and currently trades at $0.4654.
Like Solana and Ethereum, Sui Network deploys high-functionality smart contracts, enabling developers to build a world of decentralized applications (dApps) offering services from financial services to gaming.
Sui processes transactions a lot faster than Ethereum. While Ethereum has a maximum theoretical throughput of 119 transactions per second (tps), Sui’s developers say it is capable of achieving a staggering 297,000, thanks to its ability to process transactions simultaneously.
Despite its promise, Sui Network’s support level had been falling steadily throughout the year-to-date and was dragged down significantly by the crypto crash on August 5th.
Since then, the token has successfully recaptured the psychologically important $1.50 mark, however, a falling relative strength index (RSI) of 45 indicates selling momentum could consolidate the token at its current level, which will give it a base to claim a new ATH.
Sui Network ($SUI) last set an ATH of $2.17 on March 27 this year. At today’s price, it’s 21% short of setting a new high watermark.
Meanwhile, $SEI, the token underpinning an eponymous Layer 1 protocol
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