• Cryptocurrency analyst Bluntz predicts a major rally for Sui (SUI), expecting its value to potentially rise over 122% from its current price.

• Sui’s network achievements, including surpassing $150 million in Total Value Locked, contribute to Bluntz’s optimistic forecast.

Bluntz, a pseudo-analyst known for correctly calling the 2018 low point of the Bitcoin bear market, has highlighted Sui (SUI), a Solana (SOL) rival. Bluntz predicts a strong rally for SUI by drawing on his knowledge of Elliott Wave theory, a type of technical analysis that monitors trends in crowd psychology. His analysis suggests a possibly more than 122% increase from its present value, which he shared with his social media followers.

According to the most recent data, Sui is currently trading at $0.63 and anticipates rising to an astounding $1.40. This prediction comes after SUI broke out of a month-long accumulation period, indicating a robust upward trend. 

Bluntz’s estimate is supported by technical trends and noteworthy accomplishments of the Sui Network in the recent past, such as Total Value Locked (TVL) exceeding $150 million. With this achievement, Sui is now included among the top 20 blockchains in TVL, demonstrating its expanding power and visibility within the decentralized finance (DeFi) industry.

Sui’s Network Achievements Bolster Growth Predictions

Sui’s rise extends beyond its increasing TVL. Sui has also broken the previous record for the most transactions in a single day. Six months after the mainnet went up, these achievements highlight how quickly the Sui Network is growing and becoming increasingly popular. Bluntz is bullish about SUI, and a major reason for this optimism is these growth characteristics.

Solana (SOL) and Its Prospective Trajectory

Moving on to Solana, Bluntz thinks that SOL might follow in the footsteps of another cryptocurrency, Avalanche (AVAX), whose value has lately increased by more than 90%. Although SOL and AVAX have comparable structures, he observes that AVAX is now outperforming SOL. But this analogy gives us a hint as to what Solana might be getting into. As of this writing, Solana is trading at $71.30, and Bluntz’s analysis indicates that SOL may be preparing for a large increase in value.

Notably, Solana’s pricing has recently shown notable fluctuations, demonstrating the intricate interaction of market forces. Solana’s effort to break above the critical resistance zone of $70 represented a turning point in its recent trading history. The cryptocurrency was able to break above $72.00, but it faced strong resistance at $77.50. This resistance was important since it stopped Solana’s rise and created a peak at about $77. This level turned out to be a turning point and caused a correction downhill.

Solana saw a significant downturn after peaking, falling below the $72.00 support level. Solana had a substantial decline that took it below the 50% Fibonacci retracement level, indicating that this decline was more than just a small retracement. This level represents a critical turning point in the price behavior of the asset, measured from its most recent swing low at $59.13 to the top at $77.

Based on 4 hours of data, Solana trades below the $70.00 level and the 55 simple moving average. This trading position suggests that the sentiment of the market may change.