Sui integrates with Axelar Network for cross-chain interoperability, driving a 20% surge in price - IcoHolder.

Sui has taken a major step in enhancing its ecosystem by integrating with Axelar Network, bringing cross-chain interoperability and liquidity access to the platform. The partnership, announced on May 8, is a significant development for builders and institutions seeking scalable and secure multichain deployments. Axelar's Interchain Token Service allows developers to deploy smart contracts once and reach users across multiple networks through routers like Squid and wallets such as Backpack and SlushWallet.

This integration not only streamlines multichain accessibility but also leverages Sui’s zkLogin feature, improving the user experience for mainstream adoption. Additionally, the move aligns with Sui’s broader strategy of expanding its network, following partnerships with major players like Circle USDC, Stacks, and Mastercard.

The market reacted positively to the announcement, with Sui’s price surging over 20% shortly after the news broke, reaching a 24-hour high of $4.07 before slightly pulling back to $3.86. Despite the modest retracement, the asset is still up 6% for the day, and trading volume surged by 119%, hitting $3.3 billion. According to Coinglass’s derivatives data, leveraged traders are showing a balanced attitude, with the long/short ratio at 1.0008 and open interest increasing by 10%.

From a technical perspective, Sui appears to be experiencing short-term exhaustion, as indicated by its proximity to the upper Bollinger Band and the relative strength index (RSI) nearing overbought levels at 69. However, the cryptocurrency remains well above its major moving averages, which continue to support a bullish trend. The MACD is still in positive territory, and other momentum indicators are showing neutral signals.

Looking ahead, Sui's price could continue its upward trend if it stays above the $3.70 support level. A breakout above its recent high could propel the asset towards new price targets around $4.40. On the other hand, failing to maintain current levels might lead to a retest of the $3.30 zone, where several moving averages converge.

As Sui solidifies its fundamentals with expanding partnerships and integrations, its technical setup suggests a period of healthy consolidation, leaving the door open for further growth in the future.