Sui Network’s SUI Token Jumps Over 40% Post-USDC Integration

Sui Token Surges Over 43% on USDC Integration Announcement

The Sui token (SUI) on the Sui Network has experienced a significant price increase, surpassing 43% within a month following the integration of USD Coin (USDC).

USDC Expansion

USDC will be integrated into the Sui Network, expanding its availability to over 15 blockchains. This development has boosted the adoption and utility of the Sui platform.

Market Performance

In recent times, SUI has outperformed memecoin PEPE and Monero (XMR) across key metrics such as market capitalization, trading activity, and volume-to-market cap ratio. Within the past 24 hours, SUI's price jumped by more than 6.5%, and its daily trading volume surged by over 15%, reaching $561 million.

Integration Details

Circle, the issuer of USDC, announced that USDC will be integrated into Sui via the Cross-Chain Transfer Protocol (CCTP). This will enable seamless transfer of USDC between different blockchain ecosystems.

Price Predictions

Analysts believe that SUI has broken out of its broadening wedge pattern, pushing its price to $1.18. SUI is currently trading above both the 50-day and 200-day moving averages. These indicators suggest the potential for further price rallies, possibly reaching levels seen earlier this year.

Long-Term Outlook

If SUI maintains its momentum and breaks above $1.20, it could target $1.50 and potentially challenge its all-time high of $2.18. In the long term, analysts predict a potential peak of $3 if the bullish trend continues.

SUI Token Price Chart (Source: TradingView)

Conclusion

The integration of USDC has positively impacted the Sui Network and its SUI token. The bullish momentum suggests that SUI could reach higher levels in the coming weeks and months. However, investors should be aware of potential market fluctuations and adjust their investment strategies accordingly.