SUI price defends $0.8880 amid multiple Sui network integrations
- Sui price bounced off support at $0.8880 as it gears up to confront next resistance level at $1.1556.
- Digital identity verification leader Netki Corp is coming to Sui for enhanced safety and accessibility of decentralized financial systems.
- FanTV is live on Sui, allowing creators and users to create, consume and earn by democratizing creativity with AI.
Sui (SUI) price failed to heed to the broader market recovery on Wednesday, extending the fall to the $0.8880 support level. However, with multiple network integrations in the works, the altcoin has pivoted around this level and is scaling a recovery.
Also Read: Sui daily transactions reach 41 million, overtakes Solana with SUI price primed for recovery
Sui network integrations in the works
The Sui network has multiple integrations lined up, according to their official X account. Among them, there is a planned integration with Netki Corp, an identity verification company.
The collaboration will help make decentralized financial systems safer, less costly and more accessible, according to Sui.
Sui will also integrate Netki's OnboardID, which, for protocols that enable it, will enhance user onboarding and identity verification processes, reducing costs and simplifying compliance around the onramping process for Sui’s DeFi applications.
— Sui (@SuiNetwork) May 16, 2024
Netki will also come with DeFi Sentinel, a tool for developers that automates compliance within protocols. This integration will make it possible for developers to focus on shipping high-impact projects as opposed to enduring complex regulations that often differ across jurisdictions.
DeFi Sentinel provides real-time KYC/AML, wallet screening, financial transaction monitoring, securities compliance, and tax compliance, and will be integrated directly within the DeFi protocols on Sui that choose to implement the tool.
— Sui (@SuiNetwork) May 16, 2024
FanTV has also integrated with Sui network, enabling creators and users to start creating, consuming, earning and democratizing with AI.
Sui is a Layer 1 (L1) blockchain designed to make digital asset ownership fast, private, secure and accessible to everyone. These integrations point to an interoperable and scalable project.
It also gives Sui access to new markets, enhancing functionality, growth, sustainability and competitiveness of Sui network in the rapidly evolving blockchain ecosystem. This could bode well for the SUI price.
Sui price scales a recovery
Sui price is up nearly 20% in the past three days as bulls defend the $0.8880 support level. However, based on the outlook of the Relative Strength Index (RSI), which remains below the mean level of 50, SUI is not yet ripe for buying.
Traders looking to take long positions on SUI should probably wait for a candlestick close above $1.1556 on the three-day time frame. They should also wait for a higher high of the RSI above the 50 midrange.
Until then, the market still favors the downside, and only a stable candlestick close above $1.4305 would suggest a change in market structure.
SUI/USDT 1-day chart
Conversely, if traders cash in on the gains made since bottoming out, Sui price could pull back, losing the critical support at $0.8880. A candlestick close below this level would produce a lower low, invigorating a further downtrend.
The position of the Moving Average Convergence Divergence (MACD) in negative territory does not help the case for the bulls. In fact, its stance below the orange band of the signal line shows bearish sentiment continues to abound in the SUI market.
The dire case could see this L1 token roll over to the depths of $0.5000, a level last tested in November 2021.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
