SUI Crypto Jumps 15% On Phantom Wallet Integration: What’s Ahead?

• SUI crypto price surged over 15% intraday amid integration with Phantom Wallet.
• SUI’s Total Value Locked (TVL) rose to a record high of $1.758 Billion.

Sui (SUI), a Layer-1 blockchain network, has continued to outperform the crypto market. The network recently announced integration with Phantom, a leading crypto wallet. That marked a significant milestone in its multi-chain capabilities.

This integration allows the SUI crypto users to enjoy several functionalities. This includes staking, an avenue for handling NFT’s storage services, integrated coin swaps, compatibility with hardware wallets, and multi-chain capabilities.

The expansion comes at a time when the SUI price has surged around 100% in a month. The token traded at $4.35 at press time, noting an intraday rise of over 15.14%. Its market cap surged to $12.73 Billion, ranked 17th among the top crypto coins.

Sui Blockchain’s Strategic Integration with Phantom Wallet

The integration with Phantom means a lot for the Sui blockchain and its users, providing them with several opportunities. This move caters to the SUI community’s long-standing demands. Furthermore, it provides communities with a more secure and improved wallet experience.

Before the Sui coin, networks like Solana, Bitcoin, and Ethereum were incorporated with Phantom Wallet. The move also made Sui the first blockchain to leverage the Move programming language to join Phantom.

As of now, Phantom Wallet has the largest on-chain user base. As for the web3 wallet, it handled almost 560 million on-chain transactions in the current year.

SUI Crypto’s TVL Soars to Record High: Key Insights

Amidst the recent integration, the SUI crypto achieved a new milestone, reaching the TVL of $1.75 Billion. SUI coin now ranks eighth among blockchain networks regarding total value locked (TVL). That surpassed networks like Avalanche and Polygon, according to DeFiLlama data.

Data from Artemis showed that SUI’s DEX trading volume was about $431 Million. Furthermore, a massive surge of 25% was noted on Friday. High volume often indicated a rise in interest and increased popularity, hinting at potential price direction.

Alongside the bullish on-chain readings, crypto analysts shared bullish commentary on SUI. A recent tweet by Rose Premium Signals highlighted that SUI crypto has delivered significant outperformance. Furthermore, the token jumped over 100% in a month.

It will continue the upward journey and could reach the resistance level of $5.47 and $6.44 in the coming days. At the same time, a retest of the $2.96 support would present an opportunity to enter into the long trade.

SUI Price Prediction: Decoding the Charts

On the daily timeframe, the SUI price has breached a trendline of the falling wedge pattern and delivered a sharp breakout rally, surging over 14% intraday. Alongside the price surge, rising volume climbs parallel, which signifies buyer accumulation.

With a bullish market structure intact overall, the SUI crypto could continue the bullish rally and may persist in exceeding gains. The leading and lagging indicators present bullish readings, conveying strong participant sentiment.

The Open Interest (OI) has surged over 17.09%. Moreover, the funding rate remained positive, further reinforcing the bullish trend.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.