As Sui (SUI) navigates through a critical moment, its integration with Phantom Wallet might well be the push it needs to get back on track, reach its recent peak, and perhaps surpass it.
Despite a recent 10.12% decline that has pushed the token to the 17th spot on CoinMarketCap with a market cap of $10.63 billion, the latest developments on the platform’s network hint at a potential for a strong recovery.
Phantom Wallet integration & Bybit to unlock SUI’s price potential?
The Sui ecosystem recently announced two significant accomplishments to its community members, which could alter its growth trajectory. The integration with Phantom Wallet might be an indication of a bright future ahead for Sui, as it becomes the first Move-based blockchain to join Solana, Bitcoin, and Ethereum on this prestigious platform.
With an impressive 7 million monthly active users and over 560 million total on-chain transactions year-to-date, Phantom’s integration with the token opens up a whole world of opportunities for SUI.
Bybit’s strategic move to add SUI to its On-Chain Earn platform is a breath of fresh air for the platform regarding utility. The 12,000 SUI bonus pool initiative will likely attract significant staking activity. However, the circulating supply may be reduced when this is done, thus creating upward price pressure.
SUI price analysis: Dissecting key technical indicators
The current price action of SUI does nothing but reveal a significant correction phase for the token – which trades at $3.56 at press time – down from its recent peak of $4.48. The double EMA configuration on the chart displays a bearish crossover pattern, suggesting increased selling pressure in the immediate term.
The RSI indicator has dipped to 28.18, placing SUI firmly in oversold territory – a condition that historically precedes price recoveries, though timing such rebounds requires careful consideration.
The price structure tells tales of a complex corrective pattern, with the current support zone around $3.60 being tested. The Elliott Wave analysis usually signals the completion of a larger wave structure, with the potential for a new impulse wave to form if current support levels hold.
A successful defense of the $3.39 support level could prompt a move toward the $4.00 psychological barrier, with a potential extension to $4.48 and beyond. The medium-term outlook looks more constructive, with a projected target of $5.50, provided the current wave structure goes as expected.
SUI Price Chart. Source: TradingView
Price projection: Can SUI surpass its recent ATH in 2025?
Looking at the technical indicators for SUI and the latest developments on the platform, the coming year looks interesting for the token. As the market digests recent developments, the immediate term may see continued consolidation around the $3.60-$3.80 range.
However, traders must tread cautiously when making trading decisions since the current market outlook remains delicate. A breach below $3.39 would invalidate the bullish scenario and potentially trigger a steeper correction toward the $3.03 level. The recent high-volume trading activity, exceeding $3 billion in 24-hour volume, suggests strong market interest but also implies increased volatility.
The Phantom Wallet integration, in particular, positions Sui for potential increased adoption and utility. However, the immediate price action may remain choppy as the market establishes a firm bottom following the recent correction.
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