Web3 wallet service provider Phantom has officially integrated support for the Sui (SUI) blockchain following the announcement made by the Sui Foundation in December 2024. The update, announced Wednesday, makes Sui the fourth Layer 1 (L1) blockchain accessible to Phantom’s millions of monthly active users. According to the wallet service, the integration allows Phantom users to manage their SUI holdings, trade Sui-native tokens such as BLUE and SEND swap assets, and interact with decentralized applications (dApps), including Suilend, Navi, Aftermath, and Bluefin. During the initial announcement on December 5, Sui Foundation’s Global Ecosystem head, Jameel Khalfan, called the move a “giant leap for the Sui ecosystem.” “ Sui will now get access to a first-class wallet experience with several features that the Sui community has been asking for, ” said Khalfan. Sui users can now access the new wallet solution through a browser extension on Chrome, Firefox, Edge, and Brave, as well as a mobile app for iOS and Android. Phantom adds Sui to its multi-chain ambition plans After integrating the Sui blockchain, Phantom wallets now supports four L1 networks, including Solana, Bitcoin, and Ethereum. The platform also harbors one layer 2 blockchain, Base, which was introduced in late November 2024. Phantom CEO Brandon Millman said the wallet’s journey to a multi-chain expansion, which commenced in 2023, was driven by a commitment to integrating only the most capable networks. Millman has been lauded for his efforts in the company, with both Sui investors and the foundation’s employees saying he has a knack for “making good decisions.” “ We’re excited to bring Sui support to millions of Phantom users ,” Millman stated in an interview last December. “ Sui’s focus on scalability and its superior user experience aligns perfectly with Phantom’s goal of making crypto accessible for everyone .” SUI faces bearish market conditions While the integration signals growing adoption of the Sui ecosystem, SUI’s market performance in recent weeks has faltered. The token, which reached an all-time high of $5.36 on January 5, has since experienced a sharp decline, dropping by more than 20% over the past ten days. As of the time of this publication, SUI was trading at $3.66, a downtick of over 4% in the last day, according to Coingecko data . SUI price chart | TradingView The token recently lost support at $4.05, which dropped to $4, but it remains above a critical support level at $3.69. Holding this threshold is crucial to preventing further downside in the near term. Technical indicators suggest continued bearish sentiment surrounding SUI, with moving averages summaries on TradingView indicating a strong sell market “feeling.”. The Relative Strength Index (RSI), standing at 33.89, has fallen below the neutral level and is currently at its lowest point since August 2024. This signals a lack of buying pressure and an overall unfavorable market environment, reducing the chances for a price recovery to levels above $5 exponentially. With bearish momentum taking charge, traders are monitoring whether SUI can stabilize above key support levels. A break below $3.60 could accelerate losses, while holding above it might provide some breathing room for a potential market stabilization. Cryptopolitan Academy: How to Write a Web3 Resume That Lands Interviews - FREE Cheat Sheet
