SUI Price Gains Momentum After Complete Integration with Backpack

SUI is gaining significant momentum following the complete integration of the Sui network with Backpack. The update enables users

The cryptocurrency market is constantly evolving, presenting new opportunities for traders and investors. Among the tokens that have recently caught the attention of the crypto community is Sui (SUI), which has been exhibiting remarkable price strength and technical prowess.

As the dust settles on the complete integration of the Sui network with Backpack, SUI is visibly gaining momentum. The update, which occurred on May 11, has fully enabled traders to engage in trading, lending, and swapping assets, and explore decentralized applications in Backpack Wallet and Exchange.

The integration marks a significant milestone in the development of the Sui ecosystem. Prior to this update, users could only perform limited functions within Backpack, such as claiming SUI tokens and engaging in minimal trading activity. However, with the complete integration, a multi-functional platform for the core DeFi operations is now accessible to a broader audience.

This enhancement makes interaction with users less complicated, which is beneficial for both retail and institutional users who want to join the growing network of Sρίου.

SUI’s price has increased more than 140% since its April 7 low of $1.9, reaching $4.20 at the time of writing. This was the first time the token had seen the $4 level since January. The rally picked up pace after SUI burst out of the $2.80–$3.10 range in April, an event that occurred at the same time as a DEX volume all-time high of $782 million.

According to DefiLlama’s data, Sui’s total value locked (TVL) recently reached a peak of $2.1 billion. Although it has decreased slightly to $2.088 billion, the TVL is still 17% higher than it was in early May, which shows consistent capital entry into the system.

Moreover, Sui has witnessed growth among Sui-based lending protocols. TVL in these platforms increased by 78.86% within a month, driven by the NAVI protocol’s growing activity.

In the futures markets, Open interest went from around $600 million in March to $1.86 billion on May 14. This huge increase shows that there is more demand for leveraged products in key trading points and that traders are becoming more confident.

With technical strength, ecosystem growth, and market interest all aligned, SUI appears to be setting itself up to attack new highs in the coming weeks.