A prominent crypto trader is making a bold prediction about the future of Sui, a competitor to Solana (SOL). Criptopaul, a trader with a large following on social media, believes that Sui has strong market fundamentals and significant potential for growth.
Criptopaul points to the skyrocketing total value locked (TVL) in Sui as a bullish sign for the cryptocurrency. TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to assess the health of a crypto ecosystem.
Furthermore, Criptopaul highlights the emergence of memecoins built on the Sui blockchain, such as BLUB and Fud the Pug (FUD), as potential catalysts for Sui’s success. These developments, along with the increasing interest from retail investors, indicate that a surge in Sui’s value is inevitable.
Currently trading at $1.55, Sui has experienced a remarkable 43% increase in the past week.
Moving on, Criptopaul suggests that recent events, such as the Federal Reserve’s rate cut and the declining US dollar index (DXY), could propel altcoins to new heights. The DXY measures the value of the US dollar against major fiat currencies, and a falling DXY is typically seen as favorable for risk assets like stocks and crypto.
Criptopaul also recommends keeping an eye on the Ethereum against Bitcoin (ETH/BTC) pair, as it often reflects the strength of the altcoin market. He believes that ETH/BTC has reached its bottom around 0.0388 BTC and is poised for a significant breakout, potentially reaching the 0.06 level.
Currently trading at 0.04235 BTC ($2,681), ETH/BTC has seen a 3.47% increase in the past 24 hours.
It’s important to note that the opinions expressed by Criptopaul are not investment advice, and investors should conduct their own research before making any high-risk investments in cryptocurrencies or digital assets. The Daily Hodl, where the information originated, does not endorse the buying or selling of any cryptocurrencies and is not an investment advisor.
