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

Crypto enthusiasts are buzzing that Sui (CRYPTO:SUI) might be the next Solana (CRYPTO:SOL) after a remarkable 48.6% gain over the last month. This surge coincided with the emergence of Hashi, a new system on Sui that allows institutions to borrow against Bitcoin (CRYPTO:BTC). A strong price move, combined with an innovative use case, has reignited comparisons to Solana.

However, the recent rally has slowed down. As of October 11, 2026, Sui trades at $1.10, down 7.2% over the past week. Sui is a layer-1 blockchain, meaning it is a foundational network that processes transactions and hosts applications directly, with its coin used to pay transaction fees.

So what would it mean for Sui to become “the next Solana”?

Hashi Aims to Let Institutions Borrow Against Bitcoin Without Selling

While 24/7 Wall St. has not independently verified Hashi’s details, reports indicate it lets institutions raise cash against their Bitcoin without selling. The process involves locking Bitcoin in a multisignature vault on the Bitcoin main chain—a secure wallet that requires multiple approvals before anyone can move any coins. In exchange, the institution receives a corresponding token on Sui, allowing them to take out a loan, similar to how homeowners borrow against their property.

This approach is appealing because selling Bitcoin can trigger tax liabilities and eliminate the possibility of future gains. Loans let Bitcoin holders keep ownership while accessing cash. There seems to be a strong demand for these loans. In an October 2026 episode of The Pomp Podcast, a guest from a crypto finance platform mentioned that their fastest-growing segment involves borrowing against cryptocurrencies.

However, taking a Hashi loan comes with risks. A Bitcoin holder’s security depends solely on Bitcoin’s price, while a borrower using Hashi also depends on Sui’s functionality and the vault system’s integrity. Crypto-backed loans become riskier as collateral value declines. As Hashi has yet to publish usage or loan metrics, it’s uncertain how much traction it has gained.

Bitcoin lending gives Sui a unique selling proposition, and Sui is already part of the CME Emerging Crypto Index, a benchmark tracking a select group of cryptocurrencies. Still, Sui requires proven user engagement to back up that pitch.

Sui Beat Solana This Month but Trades Further Below Its Record High

Here’s how Sui and Solana compare.

Sui has clearly outperformed Solana over the past month, gaining 48.6% compared to Solana’s modest 9.6% increase. Both cryptocurrencies fell in the past week, but Solana’s decline was slightly steeper.

On the downside, Solana has shown better resilience relative to its all-time high, trading 62.7% below its peak, while Sui is down 79.5%. Thus, Sui holders are still facing a significant challenge to recover.

A Single Strong Month Isn’t Enough for Sui to Be the Next Solana

When we talk about “the next Solana,” we mean matching Solana’s price, which is currently 100 times Sui’s. For Sui to reach Solana’s price point, it would need to increase a hundredfold. The data does not suggest that this will occur anytime soon. Instead of focusing solely on price, it’s essential to assess demand.

The key question is whether Sui can capture a meaningful portion of the demand that Solana currently serves, attracting traders, app developers, and institutions seeking a fast, cost-effective network. To achieve this, Sui must maintain consistent developer activity, secure ongoing institutional investment, and have applications that keep users engaged after the initial rally fades.

A single month of growth isn’t enough to establish a trend. Sui’s rise happened during a market phase when traders shifted funds from larger cryptocurrencies to smaller, riskier options. Therefore, much of Sui’s success likely stems from broader market risk appetite rather than independent demand for Sui itself.

Three indicators could strengthen the argument for Sui as a serious contender. First, Hashi should release user adoption figures; without solid usage data, it remains merely a concept. Second, Sui must continue to outperform Solana after the current small-coin trend subsides. Finally, Sui needs to recover a substantial portion of its 79.5% decline from its peak to show buyers are willing to hold long-term.

Is Sui the Next Solana?

Currently, the data suggests that Sui is not poised to become the next Solana. With Solana’s price 100 times higher and Sui down further from its all-time high, Sui holders face a significant uphill battle to make this comparison meaningful.

However, Sui’s story could change before the end of December 2026. If Sui can maintain its momentum and outperform Solana on a 30-day basis by then, while Hashi publishes its adoption metrics, it may warrant a reevaluation of its potential. Conversely, if Sui fails to retain its recent gains, it may further distance itself from Solana.

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