Sui Soars 48% in Just One Month: Could It Be the Next Solana?

In the past month, Sui (CRYPTO:SUI) has gained significant attention within the cryptocurrency community, experiencing a remarkable increase of 48.6%. This surge has prompted discussions about whether Sui could mirror the early success of Solana (CRYPTO:SOL), especially following the launch of Hashi, a new Bitcoin lending system integrated into the Sui network. However, a deeper analysis reveals a more nuanced picture of Sui's current standing.

As of October 11, 2026, Sui's price is $1.10, reflecting a 7.2% decline over the previous week. Sui operates as a layer-1 blockchain, which means it serves as a foundational network for processing transactions and hosting applications, with its native token used for transaction fees.

The potential for Sui to be dubbed “the next Solana” hinges on the functionality of Hashi, which reportedly allows institutions to leverage their Bitcoin (CRYPTO:BTC) holdings without the need to sell. According to unverified reports, Hashi facilitates this by enabling institutions to lock Bitcoin in a multisignature vault on the Bitcoin blockchain. This secure wallet requires multiple approvals for any transactions, and in exchange, institutions receive a corresponding token on Sui, allowing them to access loans similar to how homeowners can borrow against their property.

This borrowing mechanism is attractive because it avoids the tax implications associated with selling Bitcoin and preserves the potential for future gains. There appears to be a notable demand for such loans; a recent episode of The Pomp Podcast highlighted that one crypto finance platform's fastest-growing segment is focused on loans against cryptocurrencies.

However, borrowing through Hashi is not without risks. The value of a Bitcoin holder’s security is heavily reliant on Bitcoin's market price, while those utilizing Hashi must also consider the reliability of Sui’s platform and the vault system. As with all crypto-backed loans, the risk escalates if the value of the collateral decreases. Currently, Hashi has not released any metrics regarding its usage or loan volumes, leaving its traction in the market uncertain.

Despite its unique position in the Bitcoin lending space, Sui needs to demonstrate substantial user engagement to solidify its market presence. Notably, Sui is already included in the CME Emerging Crypto Index, which tracks a select group of cryptocurrencies.

In terms of performance, Sui has outpaced Solana in the last month, with a gain of 48.6% compared to Solana’s 9.6% increase. Both cryptocurrencies saw a decline over the past week, but Solana's drop was slightly more pronounced. However, Solana has exhibited better resilience compared to its all-time high, currently trading 62.7% below its peak, while Sui is down 79.5%, indicating a more significant challenge for Sui holders to recover their investments.

When considering whether Sui can truly be regarded as “the next Solana,” it is essential to note that Solana's current price is approximately 100 times that of Sui. For Sui to reach Solana's valuation, it would need to see a hundredfold increase, which the current data does not suggest will happen in the near future. A more pertinent question is whether Sui can capture a meaningful share of the demand that Solana currently meets, attracting traders, developers, and institutions looking for a fast and cost-efficient network.

To achieve this, Sui must ensure ongoing developer engagement, secure continuous institutional investment, and develop applications that retain user interest beyond the initial excitement. A single month of growth does not establish a long-term trend. The recent rally in Sui's value seems largely driven by a market trend where investors are reallocating funds from larger cryptocurrencies to smaller, riskier assets. Thus, much of Sui's recent success may be attributed to a broader market appetite for risk rather than a distinct demand for Sui itself.

Three indicators could bolster the case for Sui as a legitimate contender in the crypto space. First, Hashi should provide user adoption statistics; without concrete data, it remains an unproven concept. Second, Sui must continue to outperform Solana once the current trend of smaller coin investments wanes. Finally, Sui needs to recover a significant portion of its decline from its all-time high to demonstrate that investors are willing to hold for the long term.

As it stands, current data indicates that Sui is not on track to become the next Solana. With Solana's price vastly exceeding Sui's and Sui's further decline from its peak, holders face considerable challenges in making this comparison relevant. Nevertheless, Sui's trajectory could change before the end of December 2026. If Sui maintains its momentum and continues to outperform Solana in the coming weeks, while Hashi discloses its adoption metrics, it may prompt a reevaluation of its potential. Conversely, if Sui struggles to sustain its recent gains, it may further distance itself from Solana's success.