SUI Rises 49%: Is It Poised to Surpass Litecoin in Rankings?

• SUI has consistently surpassed numerous cryptocurrencies, claiming the title of the top gainer for the week.
• If this upward trend persists, it may pose a significant challenge to LTC’s market dominance – what do the odds say?

Sui [SUI] concluded the week as the leading gainer among the top 25 cryptocurrencies, witnessing a remarkable increase of 49%, bringing its price to $1.62. Currently ranked 21st, SUI’s surge has led analysts to speculate on its capability to supplant Litecoin, which rose by 8% to $68.49.

With SUI targeting its previous peak of $2.09 from March, the chances of it displacing Litecoin in the top 20 appear to be increasing.

SUI is breaking records, but there’s a catch

Source : Coinalyze

On its daily price chart, SUI has displayed a consistent rise, beginning September on a positive trajectory. Remarkably, SUI has appreciated over 100% during this period, despite the overall market fluctuation.

Meanwhile, LTC bears have impeded breakouts on two occasions, stopping LTC from surging past $65K. However, after Bitcoin’s recent upswing, LTC bulls have attempted to retest the $68K resistance.

In summary, LTC seems more susceptible to Bitcoin’s fluctuations, while SUI has flourished, indicating that SUI may potentially offer more value to investors in the long run.

Nevertheless, SUI’s upward movement throughout September has been underpinned by heightened trading volume, with the RSI entering overbought territory, indicating accumulation. Likewise, the CMF has surged above previous resistance levels. This growth rate has surpassed that of SUI’s prior peak.

In simpler terms, there has been significant investor enthusiasm for SUI coinciding with Bitcoin bouncing back to the $64K range, positioning SUI as a more appealing option.

This scenario raises concerns about SUI’s long-term outlook, challenging the notion that it could surpass LTC. So, was the 49% jump merely a transient spike?

The chart suggests potential accumulation

As noted above, SUI’s dramatic performance in the past week has solidified its status as the top gainer. Interestingly, this surge was accompanied by an increase in SUI’s inflow into exchanges.

Source : Coinglass

In short, this indicates that SUI was not completely immune to Bitcoin’s price swings. However, the accumulation by its holders, as shown by the indicators, helped mitigate major price drops.

While accumulation is typically seen as positive, it might pose risks for the altcoin in the long run, prompting many traders to cash in their profits, a pattern witnessed when SUI reached its all-time high in March, coinciding with BTC’s peak as well.

Following that peak, as Bitcoin plummeted, SUI experienced an even sharper decline to $1.06 within two weeks. Since then, it has been on a bearish trend, with any momentum only emerging after more than 180 days.

If this trend were to repeat, SUI could be on the brink of a noticeable retracement. However, if the bulls can maintain support at $1.70 before pursuing the ATH, the likelihood of SUI surpassing LTC will heighten – why is that?

The pace of growth is crucial

As the 20th largest cryptocurrency by market cap, LTC has been consolidating within the range of $60K to $70K for an extended period. In contrast, SUI has undergone a substantial increase during this timeframe.

Despite LTC’s robust transaction volume and low fees, no significant outcomes have materialized. In fact, the transaction volume has declined from over $1B in April to approximately $246M at the time of writing. Additionally, open interest in US dollars has also halved.

Source : Santiment

In contrast, SUI has experienced a notable uptick in both volume and open interest, with open interest reaching half a billion dollars and volume nearing the $1B threshold.

AMBCrypto advises that although these indicators suggest growth, they are not reliable predictors of future profits. The main focus is on the speed at which SUI is gaining traction compared to LTC.

Read Sui’s [SUI] Price Prediction 2024-25

The conclusion is evident – SUI has ascended through market lows to secure its top position, garnering interest from holders. Its growth rate has greatly outpaced that of LTC.

Ultimately, if bulls can preserve liquidity and maintain the $1.70 support while aiming for the all-time high, SUI has a solid opportunity to surpass LTC as the 20th largest cryptocurrency by market cap.