Sui Network’s SUI has increased by over 43% in a month following the announcement of USDC integration.
USD Coin (USDC) will be integrated into the Sui Network, expanding its use to over 15 blockchains.
Sui Network’s SUI token has been making significant progress, recently overtaking memecoin PEPE and Monero (XMR) in key indicators such as market cap, trading activity, and volume-to-market cap ratio.
Over the past 24 hours, SUI’s price surged by more than 6.5%, rising from $1.02 to a high of $1.18. Along with this, the cryptocurrency’s daily trading volume also saw a significant boost, increasing by over 15% to reach $561 million.
This price jump follows an important development involving Circle, the company behind USD Coin (USDC), the second-largest stablecoin. Circle’s CEO, Jeremy Allaire, confirmed that USDC will soon be integrated into the Sui blockchain. This marks a major upgrade for Sui, as it brings USDC’s support to yet another blockchain platform, expanding its presence across more than 15 networks.
With this integration, USDC will be natively available on Sui via the Cross-Chain Transfer Protocol (CCTP), a utility that allows seamless transfer of USDC between different blockchain ecosystems through a process of burning and minting.
Sui Network Price Surge and Future Outlook
According to the SUI price prediction, the cryptocurrency has broken out of its second broadening wedge pattern in five months, pushing the price to $1.18 with increased trading volume. Currently, SUI is trading at $1.17, which marks its highest level since April. The altcoin’s price has risen 26% over the last week and 43% in the past month.
Further, Open interest in SUI has increased by around 10%, reaching levels seen during its all-time high. The technical indicators are also looking favorable, with the 50-day moving average crossing above the 200-day moving average, and the price now trading above both.
These patterns hint at the potential for further price rallies, particularly towards levels seen in the first quarter of this year. If SUI’s price breaks above $1.20 and maintains its current momentum, it could reach $1.50 and possibly challenge its all-time high of $2.18. In the long term, a new peak of $3 is possible if the bullish trend continues.
At present, the bulls seem to be in control, and SUI is eyeing the $1.57 mark, which could push it toward new heights. However, if the market experiences a reversal and the bullish momentum fades, SUI could face a substantial decline, with the price potentially falling to as low as $0.57.
Highlighted News Of The Day
Shiba Inu Burn Surge Fuels Breakout Hopes Amid Consolidation
