“A single strong month is not enough to declare Sui the next Solana,” concluded 24/7 Wall St. analysts evaluating the Sui (SUI) blockchain rally. The token delivered an impressive 48.6% gain over the past 30 days, outperforming Solana’s 9.6% rise; however, the cryptocurrency still trades roughly 80% below its all-time high and would require a 100-fold price increase to match Solana’s valuation.

The primary catalyst behind the surge was the emergence of the Hashi protocol, which allows institutions to borrow against Bitcoin without liquidating their holdings. The system locks BTC in a multi-signature vault on the Bitcoin mainchain and issues a corresponding token on Sui, enabling access to cash without triggering tax liabilities or forfeiting future upside—though this mechanism introduces risks tied to Sui’s core functionality.

Nevertheless, experts note that Sui’s rally may reflect broader market risk appetite and capital shifts into smaller altcoins rather than organic demand for the network itself. For comparisons with Solana to hold weight, Sui must publish verifiable usage metrics for Hashi, maintain performance advantages after the altcoin rotation subsides, and demonstrate a sustained recovery toward its historic peak.