Pal: SOL & SUI to Lead Crypto Market Cycle Over ETH & BTC
Real Vision co-founder Raoul Pal has outlined a new thesis for the crypto market cycle. He predicts Ethereum (ETH) will outperform Bitcoin (BTC), Solana (SOL) will outshine ETH, and Sui (SUI) will top SOL. Pal frames this view using an S-curve adoption model, suggesting newer networks offer more growth potential.
Bitcoin’s price has dipped 3.5% in the past week to $111,049. Ethereum trades at $4,572 after reaching $4,946, with a 7% gain over seven days. Solana is up 8% to $196 but remains 33% below its January high. Sui sits at $3.45, down 35% from January.
On-chain data shows whales moving $2.6 billion BTC into ETH. Skeptics point to Sui’s weak developer traction. Pal counters that wallets, stablecoins, and dev activity on Sui are all expanding. This forecast highlights a bullish outlook for altcoin performance in the upcoming crypto market cycle.
Bullish
Raoul Pal’s S-curve adoption model aligns with past cycles where early-stage networks outperformed mature ones. In 2021, Ethereum outpaced Bitcoin as its developer ecosystem and on-chain usage surged. Current on-chain data—such as $2.6 billion BTC rotated into ETH and rapid wallet growth on Solana and Sui—indicates similar momentum. Despite short-term risks from RSI divergences and profit-taking, the expanding stablecoin supply and increasing dev activity on SOL and SUI underpin long-term altcoin strength. Traders reacting to these adoption signals can expect SOL and SUI to deliver outsized gains over ETH and BTC. Overall, these factors create a bullish market outlook for altcoins in the upcoming crypto market cycle.