Solana Rival Sui Gains Prominent Backing, Bitcoin Eyes $106K

Crypto Analyst Says Solana Rival Biding Time Before Next Move, Updates Outlook on Bitcoin

In a recent strategy session, crypto trader Rekt Capital, with over 533,400 followers on the social media platform X, shared insights on the Sui Network (SUI) and Bitcoin (BTC).

Rekt Capital highlighted that SUI, a layer-1 blockchain, is consolidating below its all-time high, gaining support from prominent crypto wallet Phantom. With over 15 million monthly active users, Phantom's integration with SUI could boost its adoption. Additionally, SUI has partnered with SatLayer and Babylon BTC Staking to push into BTC DeFi this Q1.

As for Bitcoin, Rekt Capital noted that the crypto king has successfully retested a resistance zone. To confirm a breakout, BTC needs a daily close above $106,000. The strategist emphasized the importance of this close, as BTC has produced fakeout spikes caused by investor FOMO (fear of missing out) in the past.

At the time of writing, SUI is trading at $4.14, a 12.5% gain during the last day. Meanwhile, BTC is trading at $105,744, a 3.7% gain during the last 24 hours.