Altcoin
Will Solana & SUI Kickstart An Explosive Altcoin Rally?
Despite the strong correction in the altcoins market, Solana (SOL) and Sui (SUI) can provide a ray of hope providing the next big stimulus for a strong resurgence and rally ahead. The current market scenario is pretty much similar to the bull markets of 2017 and 2021 where the TOTAL 3 market cap chart saw explosive growth.
Is the Altcoins Market Preparing for an Explosive Rally?
The TOTAL 3 market cap metric, which excludes Bitcoin and Ethereum, shows signs of a strong momentum building up ahead. Crypto analyst Daan Crypto Trades has pointed out that the TOTAL 3 market cap relative to Bitcoin’s price can offer valuable insights into the market momentum of Bitcoin versus altcoins.
The analyst noted that exactly four years before in 2021 and also in 2017, altcoins began an explosive rally relative to Bitcoin, which occurred roughly a month after Bitcoin broke its 2017 all-time high of $20,000 and entered a consolidation phase. As CoinGape reported, the BTC price is consolidating around $94,500 earlier as the Bitcoin network activity plummeted to a two-month low.
Additionally, the dominance of altcoins trading volumes on crypto exchange Binance has reached a massive 78%, hinting at a potentially strong bull market ahead in 2025. Recent Binance listing for AIXBT, CGPT, and COOKIE AI Coins has resulted in rallies of 50% and more in recent times.
Highlighting this development, CryptoQuant analyst Burakkesmeci stated:
“The consistent growth in altcoin trading volume on Binance reinforces confidence in the potential for an altcoin bull market in 2025. With retail interest gaining traction, the altcoin market could continue to build strong momentum in the coming months”.
How Solana (SOL) and Sui Can Contribute?
As per the recent data from Artemis, both Solana (SOL) and Sui (SUI) have witnessed strong inflows in the last 24 hours, while Ethereum (ETH) has experienced notable outflows at the same time. This trend highlights shifting investor sentiment and capital movement in the altcoins market.
Amid the crypto market selloff, the Solana price is trading 4% down just under $180, with the possibility of a 40% swing in either direction. On the other hand, the SUI price has corrected 9% today, slipping all the way to $4.40.
However, crypto market analysts continue to stay bullish on both these digital assets. Popular analyst Crypto Patel shared a chart noting that he expects the SOL price to reach $500 and the SUI price to touch $10 and more.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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