- Sui has integrated with Axelar Network to enhance cross-chain interoperability, boosting liquidity access and scalability for multichain deployments.
- The announcement led to a short-term price rally for SUI, with trading volumes surging and the token maintaining a bullish outlook.
In a strategic move to enhance cross-chain functionality, Sui Network has integrated with Axelar Network, allowing seamless liquidity access and interoperability across leading blockchains. This collaboration, announced on May 8, marks a significant step forward for developers and institutions looking to scale their multichain projects in a secure and efficient manner.
Axelar’s Interchain Token Service is central to this integration, providing developers with the ability to deploy smart contracts once and reach users across multiple networks using powerful tools like Squid and popular wallets such as Backpack and SlushWallet. With institutional-grade security and compliance at its core, this partnership expands Sui’s ecosystem while making it easier for mainstream users to join the Web3 space.
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The integration also leverages Sui’s zkLogin feature, which simplifies the onboarding process, enhancing the user experience for those new to blockchain technology. This marks another milestone in Sui’s expanding list of collaborations, which includes major players like Circle USDC, Stacks, and Mastercard.
The announcement has sent Sui’s native token, SUI, soaring by over 20%, briefly hitting a high of $4.07. Although the price has seen a slight pullback, currently trading at $3.86, SUI remains up 6% on the day with trading volumes spiking by 119% to $3.3 billion. The market sentiment is mixed, with leveraged traders showing a balanced outlook, reflected in a long/short ratio of 1.0008. Meanwhile, open interest has risen by 10%, indicating growing interest from futures traders.
Despite some signs of short-term exhaustion, including a slight retraction after touching the upper Bollinger Band and an RSI near overbought levels, SUI continues to trade well above key moving averages, which signal a healthy bullish trend. The MACD is in positive territory, and momentum indicators like the Stochastic RSI remain neutral, suggesting a stable outlook.
Should SUI maintain its support around $3.70, it could set the stage for further gains, potentially reaching new highs of $4.40. However, failure to sustain these levels might prompt a retest of the $3.30 zone, where multiple moving averages converge.
As Sui strengthens its ecosystem with new partnerships and integrations, its technical indicators suggest a period of healthy consolidation, setting the stage for potential future growth.
