XRP News Today: Sui Surges 2% in 24 Hours Amid Institutional Interest

Sui (SUI) has experienced a 2% increase in the past 24 hours, currently trading at $3.88. This upward movement is part of a broader trend where SUI is making its way above the psychological $4 threshold. The token has shown impressive performance, with monthly gains of 71.9%. This surge is largely attributed to the launch of Grayscale’s SUI Trust and 21Shares’ submission of an application for an exchange-traded fund (ETF), which has attracted significant interest from institutional investors.

Recent data indicates a notable shift in investment preferences. SUI’s institutional flows have nearly doubled those of XRP. On a month-to-date basis, SUI-linked vehicles have received $21 million in net capital inflows, compared to just $8.6 million for XRP funds. This trend suggests that high-net-worth investors are increasingly interested in SUI, the native asset of a Solana rival. This growing interest supports a bullish Sui price forecast in the mid to long term.

For SUI to surpass Solana in terms of market cap and ecosystem total value locked (TVL), it would need to capture a nascent trend like meme coins or find a way to steal some market share from its rival. Additionally, the launch of popular decentralized finance (DeFi) applications that rely on the Sui network would be crucial in attracting additional capital. Despite its stronger technical capabilities, it may take some time for Sui to overturn Solana’s dominance as the second-largest decentralized smart contracts platform.

The daily price action for SUI is quite bullish and could lead to a retest of its all-time high at $5 per token. Multiple bull flags have been forming as a result of the latest uptrend. If a bullish breakout of the last flag pattern occurs, the size of its pole supports a SUI price prediction of $5.20, resulting in a 33% upside potential in the near term.

To strengthen Solana’s ecosystem and infrastructure as new competitors like Sui emerge, a crypto presale called Solaxy (SOLX) has been introduced. Solaxy is a layer-two scaling protocol for the Solana blockchain that alleviates the mainnet’s burden by bundling transactions offline. With the help of top blockchain companies, the developing team has already launched the Solaxy testnet and made available a block explorer for investors to analyze the performance of the L2. The presale event of $SOLX, the layer-two’s utility token, will end in just 26 days and has raised nearly $40 million thus far. Analysts agree that $SOLX’s price will explode once the L2 is adopted by top wallets and exchanges.