Circle, the company behind USDC, is expanding its stablecoin capabilities by integrating USDC with the Sui Network through the Cross-Chain Transfer Protocol (CCTP).
The cryptocurrency market experienced a sudden uptick during the U.S. trading session on Wednesday, following the announcement by the Federal Reserve that it will increase interest rates by 50 basis points (BPS).
As a result, the Bitcoin price surged above $60000, sparking a renewed recovery momentum in the altcoin market. Among the top gainers was the layer 1 cryptocurrency SUI, which enjoyed a 7% price surge to $1.25.
This price increase comes amid several key developments for the Sui Network. Circle, the company behind the USDC stablecoin, is expanding its stablecoin capabilities by integrating USDC with the Sui Network through the Cross-Chain Transfer Protocol (CCTP).
This collaboration will enable the transfer of USDC across multiple blockchains, making the movement of funds seamless between different networks.
The Sui Network is known for its high throughput and focus on scalability, and the integration of USDC could lead to increased network activity.
Moreover, the SUI blockchain has recently partnered with MoviePass, a subscription-based movie ticketing service, to help decentralize the film industry.
By utilizing blockchain technology, the collaboration will provide innovative tools for movie producers and empower fans to influence the creation process of their favorite films.
According to data from DefiLlama, the total volume locked (TVL) in SUI has risen rapidly since early August, reaching a peak of $738 million.
The surge in TVL is considered a positive development for the network, as it indicates that more funds are entering the protocol and enhancing its DeFi activity.
On the price front, SUI has outperformed the majority of major altcoins in September thus far. The bullish turnaround in the daily chart shows a price recovery from $0.74 to $1.21, registering a 64% gain.
The rising price managed to reclaim daily exponential moving averages (20, 50, 100, and 200) and developed a well-known bullish reversal pattern called potential inverted head and shoulder.
The chart pattern setup consists of three consecutive troughs, with the middle one (the “head”) being the lowest and the two outside troughs (the “shoulders”) being higher.
On Tuesday, the SUI price gave a decisive breakout from the pattern’s resistance trendline at $1.1, signaling a change in market sentiment.
Furthermore, the 6% intraday gain today offers a suitable follow-up to the breakout, suggesting a 15% surge to $14.4 resistance, followed by a rally to $1.7.
However, if the SUI price fails to sustain the breakout and falls below $1, the sellers could attempt a dive to extend the consolidation trend.
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