Former Goldman Sachs executive Raoul Pal says one Solana (SOL) competitor is his “favored child.”
Pal tells his 1.1 million followers on the social media platform X that if he had to “have a favorite,” the layer-1 chain Sui (SUI) would look preferable to Solana.
The Real Vision chief executive shares a chart comparing the SUI/USD price to the SOL/USD price, with SUI/USD looking like it’s on the cusp of breaking out of resistance.
SUI is trading at $2.97 at time of writing. The 13th-ranked crypto asset by market cap is up more than 21% in the past day and nearly 41% in the past week.
SOL is trading at $149.47 at time of writing. The sixth-ranked crypto asset by market cap is up more than 3.5% in the past 24 hours and more than 13% in the past week.
Pal isn’t the only analyst bullish on the Solana rival: Last week, crypto trader Michaël van de Poppe told his 783,900 followers on the social media platform X that Sui is gaining adoption as a decentralized finance (DeFi) network, including for Bitcoin (BTC) staking and lending, referred to as Bitcoin DeFi (BTCfi).
“Once the markets are turning back into an uptrend, the money will flow back into the ones that have shown strength. SUI is one of them. It’s a great spot to investigate SUI:
- BTCFi is quickly growing fast as 10% of TVL (Total Value Locked) going through SUI.
- DeFi on SUI is in the top six of all chains.
- Nearly $6 billion in trading volume on DeFi in the past month.
I think it can do really well in the upcoming cycle.”
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