How Solana, Sui made gains from ETH outflows

• Solana and Sui take in Ethereum outflow.
• SUI and SOL have seen declines but flash different RSI signals.

Solana [SOL] and Sui [SUI] have experienced significant inflows from Ethereum [ETH] over the past month, according to data from Wormhole. However, it raises the question of whether this has influenced the overall transaction volume on these networks.

Sui and Solana take in the Ethereum flow

Wormhole data showed that around $370 million in liquidity shifted away from Ethereum in the last month. Sui and Solana accounted for about 90% of this outflow.

Presently, these two networks continue to dominate, with an Ethereum outflow totaling over $106.2 million. Sui received around $68 million, while Solana received approximately $27 million, making up a combined 89% of the outflow from Ethereum.

Analyzing the Sui and Solana volume 

A recent analysis of Sui’s volume on DefiLlama showed a significant uptick in the past few days. Examining the chart reveals that the volume witnessed in January surpassed that of the preceding three months.

The upward trend peaked on 13th January, reaching over 76 million, marking the highest point in months. As of this writing, the volume was around 44 million.

Notably, Sui’s Total Value Locked (TVL), despite a recent dip from around $344 million to $322 million, remained at its historically highest level.

Conversely, Solana has experienced a shift in volume trends. While the network’s volume increased towards the end of the year, it has witnessed a recent decline. Presently, the volume is over $740 million, reflecting a decrease but still outpacing Sui’s volume.

SOL and SUI post different price trends

Analyzing the daily price trend of Sui showed an uptrend that peaked around 15th January, reaching around $1.3 with a notable 9% increase.

During this rise, the price entered the overbought zone, as evidenced by the Relative Strength Index (RSI). After this peak, the price experienced declines, causing the RSI to dip below 60.

At present, the price has decreased by nearly 5%, trading at around $1.1.

Source: Trading View

Read Solana (SOL) Price Prediction 2023-24

In contrast, Solana has dipped below the neutral line on its RSI, reflecting a decline in the price over the past three days.

As of this writing, SOL was trading at around $92, marking a decrease of over 1% in its price.

Source: Trading View