Sui Partners with Axelar network for Enhanced Cross-Chain capabilities
On May 8, Sui announced its integration with Axelar Network, a important step for builders and institutions seeking scalable, secure multichain solutions. This partnership allows developers to deploy smart contracts once and reach users across various networks.
Axelar’s Interchain Token Service simplifies the process using routers like Squid and wallets such as Backpack and SlushWallet. The integration also leverages Sui’s zkLogin feature,enhancing user experience for mainstream adoption. This move builds on sui’s existing partnerships with Circle (USDC), Stacks (STX), and Mastercard.
Following the announcement, SUI’s price surged over 20%, peaking at $4.07. It has since stabilized at $3.86, up 6% in 24 hours, with trading volume soaring 119% to $3.3 billion. According to Coinglass, the long/short ratio is balanced at 1.0008,and open interest is up 10%.
Technically, SUI may be nearing short-term exhaustion, having touched the upper Bollinger Band. The relative strength index is at 69,just below the overbought level,indicating slowing momentum. Though, SUI remains above major moving averages, supporting a bullish trend.
the MACD is positive, and the Stochastic RSI shows neutral signals. If SUI holds above $3.70, the uptrend could continue, possibly reaching $4.40. A drop below current levels might retest the $3.30 zone.
With expanding partnerships, Sui’s technical setup suggests a healthy consolidation phase, rather than a breakdown.
