Sui has recorded an impressive fee rally final day following the integration of native USDC at the platform.
At the time of writing, Sui sui0.25%Sui was still up 10% over the past day, replacing palms at $1.2 according to rate facts from crypto.News. The token additionally registered a 35% price leap over the past seven days — rising from $0.88 on Sep. Eleven to a six-month high of $1.22 earlier nowadays.
Following the charge hike, SUI’s market cap passed the $3.2 billion mark — making it the 30th-largest crypto asset — with a every day trading extent of approximately $673 million.
One of the primary motives behind SUI’s fee surge will be its upcoming integration of native USDC and the Cross-Chain Transfer Protocol, which is predicted to enhance liquidity and cross-chain transactions.
The improve will allow users and developers on the Sui network to expand the use of USDC in more than a few packages inclusive of decentralized finance, gaming, and e-commerce, potentially growing market call for for SUI.
Another component potentially fueling the rally might be the Sui Foundation’s statement of a partnership with MoviePass, a movie subscription provider based totally within the U.S.
The coin’s rebound aligns with growing demand inside the futures marketplace, wherein open hobby has soared to a new top. Data from CoinGlass shows that open interest reached $315 million, surpassing the previous record of $290 million and marking a huge rise from less than $fifty two million in August.
Meanwhile, statistics from DeFi Llama shows that Sui’s community is becoming extra famous with builders and customers. The overall value locked in its decentralized finance zone has improved through more than 25% within the closing 30 days, reaching over $741 million. The majority of these belongings are held in NAVI Protocol, Scallop Lend, Suilend, and Aftermath Finance.
Despite the overbought status, prolonged market excitement can sometimes keep an asset in this condition for extended periods. The key resistance level now stands at $1.40, which SUI approached during its rally on April 20. If the momentum persists, a push towards these levels again is plausible.
The Relative Strength Index is slightly elevated at 72.52, just above the overbought threshold of 70, signaling that the asset may soon experience downward pressure as traders potentially begin to take profits.
