SUI Rises 5% on Stablecoin Announcement, Outperforms Crypto Market
- SUI, the token of the Sui blockchain, increased by 5% after announcing the introduction of native stablecoins, USDi and suiUSDe.
- The token's performance is surpassing the broader market, with the CoinDesk 20 Index up by 2.5% in the same period.
- SUI price rose from $3.42 to $3.58, breaking resistance at $3.56 and establishing support at $3.55 with rising trading volume.
- Institutional interest is growing; Coinbase Derivatives plans to list SUI futures on October 20, attracting professional traders.
- Retail demand is increasing, particularly in South Korea where t’order has integrated SUI for transactions using a Korean-won stablecoin.
- SUI traded within a $0.19 range, with a significant volume spike exceeding daily averages, indicating accumulation.
- Technical signals show a series of higher lows, suggesting an uptrend, with potential to test the $3.60 mark if buying pressure persists.
