crypto.news 2025-05-09 06:05:12

Sui integrates Axelar Network for cross-chain interoperability amid short-term price rally

Sui has integrated Axelar Network to enable liquidity access and cross-chain interoperability across top chains. For builders and institutions looking for scalable, secure multichain deployments, the announcement, which was shared by both teams on May 8, marks a major turning point. Axelar’s Interchain Token Service will enable developers to deploy smart contracts once and reach users across multiple networks using routers like Squid and wallets like Backpack and SlushWallet. https://twitter.com/suinetwork/status/1920493481400697291?s=46&t=nznXkss3debX8JIhNzHmzw Along with providing institutional-grade security and compliance, the integration makes use of Sui’s ( SUI ) zkLogin feature, which enhances the user experience for mainstream onboarding. This move adds to Sui’s latest integrations and partnerships, which already include those with Circle ( USDC ), Stacks ( STX ), and Mastercard. SUI’s price rallied over 20% in the wake of the announcement but has seen a modest pullback from its 24-hour high of $4.07. Now trading at $3.86, the asset is still up 6% over the last day, with trading volume surging 119% to $3.3 billion. The long/short ratio is at 1.0008, indicating a balanced attitude among leveraged traders, while open interest is up 10%, according to Coinglass’s derivatives data . You might also like: SUI price prediction as ETF filings, DeFi TVL boost sentiment From a technical perspective, the price may be nearing short-term exhaustion as it recently touched the upper Bollinger Band and has since slightly retracted. The relative strength index, which is at 69, is just below the overbought level, suggesting that momentum is slowing down. SUI price analysis. Credit: crypto.news However, SUI is trading comfortably above all of the major moving averages in the 10–200 day range, which continue to support a bullish trend. The MACD remains in positive territory while other momentum indicators, such as the Stochastic RSI, display neutral signals. The uptrend might continue if SUI can stay above the $3.70 support level. A decisive move above the recent high could open the door to new levels around $4.40. On the flip side, a failure to maintain current levels might trigger a retest of the $3.30 zone, where several moving averages converge. As fundamentals continue to solidify following expanding partnerships and integrations, Sui’s technical setup currently points to a healthy consolidation phase rather than a breakdown. Read more: Sui to integrate sBTC and Stacks to power institutional-grade BTCfi

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