dailyhodl.com
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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