The impressive growth of Sui Network (SUI) after the integration into Phantom Wallet, a leading multichain cryptocurrency wallet. These are the highlights
1. Integration of Sui into Phantom Wallet
• Phantom Wallet is a leading multichain wallet with over 7 million active monthly users, known for supporting major blockchains such as Solana, Ethereum, and Bitcoin. The integration of Sui Network opens up significant opportunities for Sui, helping this blockchain:
• Attract users from a larger Web3 ecosystem.
• Bringing the Move programming language (developed by Meta) to a wider audience.
• Increased usability of DeFi applications, NFTs, and other services within the Sui ecosystem.
• According to Jameel Khalfan, Head of Global Ecosystem at Sui Foundation, this integration is a significant step forward, allowing users to experience friendly and advanced wallet features.
2. Growth in price and TVL
• SUI reached a new peak:
• All-time high (ATH): 4.43 USD.
• Impressive growth: 20% in the past week, and 110% in one month.
• Total value locked (TVL):
• Reached 1.72 billion USD, ranking 8th among major blockchains, surpassing Avalanche and Polygon.
• The stability of capital inflows into Sui since November 9 (TVL maintained above 1.4 billion USD) shows the trust from the investor community and the attractiveness of the ecosystem.
3. Technical analysis of SUI price
• ADX indicator (Average Directional Index):
• ADX increased from below 15 to 30.6 within the last 2 days, signaling a strong and stable upward trend.
• ADX level above 25 confirms that the market is in a strong trend, and prices are expected to continue rising before momentum weakens.
• Golden cross:
• Occurred on December 3, when the short-term moving average (EMA 50) crossed above the long-term moving average (EMA 200). This is an important bullish signal, often indicating a new growth cycle.
• Expected price:
• If the trend continues, SUI could test the threshold of 4.5 USD, just 7.7% away from the current price.
• Key support levels: 3.94 USD and 3.65 USD. If these levels are lost, the price of SUI may face stronger selling pressure.
4. Supportive growth factors
• New partnerships and initiatives:
• Collaboration with Babylon Labs and Lombard Protocol to implement BTC staking on Sui's DeFi platform. This helps expand cross-chain interoperability and attract more BTC investors.
• Support from Franklin Templeton, a prestigious investment firm, ensures financial stability and long-term development direction for the Sui ecosystem.
• Increase in trading volume:
• Daily trading volume increased by over 100%, reflecting significant interest from the investor community and sustainable growth of Sui.
5. Challenges to note
• Phantom Wallet previously encountered issues:
• In October, a technical glitch in Phantom affected the receipt of the GRASS airdrop, causing difficulties for some users.
• In July, the issue of displaying incorrect wallet balances caused confusion on social media.
• Although these issues have been quickly resolved, they remain important lessons for the sustainable development of both Sui and Phantom.
• Price volatility:
• Despite strong upward momentum, SUI's price still faces pressure from market sentiment. Support levels need to be maintained to avoid entering a downward trend.
Conclusion
The integration of Sui into Phantom Wallet and strong technical indicators are creating significant growth momentum for SUI. However, investors need to closely monitor supporting factors and key support levels to make reasonable decisions.