SUI price set for new ATH amid native USDC launch

Sui has received a significant boost following Circle’s announcement that native USDC is now live on the layer-1 blockchain platform’s mainnet. This news, announced on October 8, highlights Sui’s growing ecosystem and its integration with established stablecoin infrastructure.

Additionally, Coinbase, a leading U.S.-based crypto exchange, has included USDC on its listing roadmap for Sui, further enhancing the token’s visibility and potential liquidity.

Sui has been on a remarkable upward trajectory, having more than doubled in value over the past month. This surge in price is also attributed to its recent addition to Bybit’s Launchpool, which has increased interest and trading activity surrounding the token. As Sui continues to expand its ecosystem and attract institutional support, its momentum appears poised for further growth.

What does native USDC mean for Sui?

The introduction of native USDC on the Sui network allows developers and users to directly access the stablecoin’s liquidity without the need for bridging. This facilitates smoother transactions across various decentralized finance protocols, gaming applications, decentralized infrastructure networks, and non-fungible tokens within the Sui ecosystem.

Previously, Sui relied on a bridged version of USDC from Ethereum through Wormhole. With the native integration, there’s potential for increased network activity on Sui, which could drive its total value locked (TVL) above the current $1.55 billion, as noted by DeFiLlama.

SUI price prediction

Sui rallied in recent weeks after a bull flag breakout, as noted by Scott Melker, a crypto investor and host of the Wolf Of All Streets podcast, in a post on X.

Sui’s price has dropped 6% in the past 24 hours, mirroring declines seen across other major altcoins as Bitcoin fell below $63,000. Despite this recent dip, Sui has experienced a remarkable 108% increase over the last 30 days, with bulls testing levels close to its all-time high of $2.17 reached in March. This raises the question: is price discovery imminent?

If the bulls can maintain support around the $2 mark, there’s a strong possibility that Sui could surpass its previous all-time high. However, crypto analyst Altcoin Sherpa has issued some caution regarding the altcoin’s potential movements: