Sui Network (SUI): Raoul Pal Makes His Bull Market Bet After Solana (SOL) Success

Solana (SOL) has made huge waves in the cryptocurrency market and, in 2023, consolidated as the best-performing digital asset. Traders and investors now

Cryptocurrency traders and investors are now looking for the “next Solana (SOL)” as the digital asset had made huge waves in 2023, emerging as the best performer.

In his recent search for an emerging layer 1 token that could have the potential to lead the market this cycle, renowned trading expert Raoul Pal seems to have found his bull market bet.

According to Pal, Sui Network (SUI) is “the groundbreaking ultra-fast L1, super efficient, full blockchain ecosystem” when looking for “signs of the next big L1 mover.”

However, the trading expert disclosed having a position on the Sui Foundation’s board, adding that he is “looking at ALL major tokens for the next SOL type opportunity regardless.”

The Founder and CEO of Global Macro Investor and Real Vision added that he is paying attention to the "signs of the next big L1 mover." In his view, SUI "strikes (him) as one of them."

"Yes, there are token unlocks but the worst has passed and really the game is about demand, not supply. Supply is known, demand is the swing factor," he wrote.

Moreover, Pal noted that he is interested in projects that are aiming to scale Web3 to billions of people, adding that "the fundamental is the key to crypto gains over the next 5-10 years."

In his thread, Pal highlighted Sui’s aspects that could lead to a bull market performance. The trading expert’s bull case is attributed to Sui’s fundamentals and technical analyses against other layer 1 native tokens.

The fundamental analysis is primarily based on the idea of being able to efficiently scale Web3 to billions of people. Meanwhile, price charts suggest SUI could be undervalued against its pairs and ready for a breakout, according to the analysis.

Pal compared Sui’s token against the dollar (USD), Aptos (APT), Avalanche (AVAX), Celestia (TIA), Near (NEAR), Bitcoin (BTC), and SOL.

On the other hand, SUI’s tokenomics put a huge pressure on the supply side, with massive monthly token unlocks that are underway, dumping on retail. Finbold has covered these releases and their effect on the project’s price, losing purchasing power every month at the unlocks.

"but Im looking at ALL major tokens for the next SOL type opportunity regardless, and this strikes me as one of them.

Yes, there are token unlocks but the worst has passed and really the game is about demand, not supply. Supply is known, demand is the swing factor.

Yes, it is a…," Pal wrote in his thread on August 8.

The trading and investment executive posted this thread on X on August 8 as cryptocurrencies recovered from a crash.

Sui $SUI is the groundbreaking ultra-fast L1, super efficient, full blockchain ecosystem that came out of Meta's Diem project.

The idea is that it is built for the scale of 4 billion people… i.e turning Web2 > Web3 1/

As explained in the thread, Sui Network is a “high FDV coin, and some people don’t like them.” FDV goes for Fully Diluted Valuation, which measures a cryptocurrency’s future market cap once all tokens are in circulation.

With only 25% of all SUI in circulation at $0.835 per token, the project has a $8.35 billion FDV against a $2.17 billion market cap.

Interestingly, other investment experts have warned against a “predatory VC” market, explaining how these tokenomics can punish retail investors. Finbold also reported what the founder of the oldest European crypto investment fund called “the Holy Grail of crypto.”

As a new bull run appears to surge in the cryptocurrency landscape, competing projects will dispute investors’ attention – and capital. Remaining cautious and doing proper research on these projects’ fundamentals, value propositions, competitive advantages, and tokenomics is essential moving forward.

The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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