SUI leads altcoin rally with $84M YTD inflows, surpassing Solana

Ethena, AVAX, and XRP show strong institutional interest; AVAX hits 8.8M daily transactions, XRP eyes a breakout above $3.

SUI, the new hot coin on the block, has been making headlines for all the right reasons. After a strong rally throughout 2024, Blockware Solutions analyst Josh Gilbert says retail interest in Bitcoin has reached a six-month low despite Bitcoin (BTC) managing to stay above the $103,000 level.

According to the latest Glassnode data, the total realized value of Bitcoin has dropped to $1.366 trillion, marking a 10% decline from November 2023.

Despite this downturn, altcoins are beginning to show signs of promise. In a recent YouTube video, Altcoin Buzz has highlighted a few altcoins that could be poised for a rally in the coming months.

SUI Surpasses Solana In Daily Inflows YTD As Ecosystem Booms With Binance Alpha And 21Shares LinkUp

Among the altcoins, SUI is currently the top pick. It has reached around 190 million total accounts, showcasing a 35% growth in the past month alone.

SUI’s DEX volume has surpassed the collective volume of Avalanche, Optimism, and Polygon, and its daily outflows have outpaced Solana’s total inflows year-to-date.

With over $84 million invested so far in 2024, SUI has surpassed Solana’s $76 million in daily inflows.

Its adoption and ecosystem are expanding rapidly, with Binance Alpha adding SUI to its ecosystem and 21Shares working on SUI ETFs, which could be announced soon.

SUI’s DeFi sector has crossed $2 billion in total value locked, making it the third-largest blockchain in terms of daily active users with 2.5 million real daily addresses.

Institutions are also silently investing in SUI, and it is no secret that the coin has been a favorite among traders throughout 2024.

Ethena, AVAX Also Record Gains As Institutions Join The Party

Another coin that is experiencing growth due to institutions is Ethena (ENA).

Institutions are silently buying ENA, which recently found strong support around $0.60 and looks promising.

Next up is Avax, which is also witnessing massive growth on-chain. It has seen a 979% surge in active addresses, a 178% jump in transactions, and a 168% spike in fees.

Its daily transactions have hit all-time highs at 8.8 million. Big investors are noticing it, and its price is doing well above $22.50. $27 is a key resistance level to watch for the coin. It’s also included in VanEck’s Tokenised treasury fund, which indicates growing institutional interest.

Up next is Ripple (XRP), which is showing steady growth and might break above $2.60, possibly breaching the $3 level.

Analyst Ben Michelson says that with Bitcoin holding above $102,000, it’s a good time to consider opening long positions in altcoins. Overall, the market looks ready for a potential rise.