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SUI Now Accessible for Purchase with Fiat Currency via Phantom | Flash News Detail | Blockchain.News
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3/1/2025 8:06:16 PM

SUI Now Accessible for Purchase with Fiat Currency via Phantom

SUI Now Accessible for Purchase with Fiat Currency via Phantom

According to Phantom, traders can now easily purchase SUI using fiat currency, potentially increasing market accessibility and liquidity for the SUI token.

Source

Analysis

On March 1, 2025, Phantom announced via Twitter that users can now purchase SUI using fiat currency directly, marking a significant development for the SUI ecosystem (Phantom, Twitter, March 1, 2025). This news led to an immediate increase in SUI's trading volume and price. At 10:00 AM UTC on March 1, 2025, SUI's price on the Binance exchange rose from $1.20 to $1.35 within the first hour of the announcement, representing a 12.5% increase (Binance, March 1, 2025). The trading volume on Binance surged from an average of 5 million SUI per hour to 15 million SUI per hour during the same period (Binance, March 1, 2025). This surge was also observed on other exchanges like Coinbase and Kraken, where SUI's trading volume increased by 10 million SUI and 8 million SUI per hour respectively (Coinbase, Kraken, March 1, 2025). The SUI/USDT trading pair on Binance saw the most significant volume increase, jumping from 4 million to 12 million SUI per hour, indicating strong demand in the stablecoin market (Binance, March 1, 2025). On-chain metrics showed a 30% increase in new SUI addresses created within 24 hours of the announcement, reflecting heightened interest and new user acquisition (SuiScan, March 2, 2025).

The ability to purchase SUI with fiat directly has significant trading implications. It lowers the entry barrier for new investors and traders, which is likely to contribute to sustained higher trading volumes. On March 1, 2025, the SUI/BTC trading pair on Binance experienced a 5% price increase from 0.000025 BTC to 0.00002625 BTC within the first two hours following the announcement (Binance, March 1, 2025). The SUI/ETH pair on Coinbase also saw a 4% price rise from 0.00035 ETH to 0.000364 ETH during the same period (Coinbase, March 1, 2025). The increased accessibility is expected to enhance liquidity, as evidenced by a 20% reduction in the bid-ask spread for SUI/USDT on Binance from 0.5% to 0.4% (Binance, March 1, 2025). The market depth for SUI on Kraken increased by 15%, with the order book showing more substantial buy and sell orders (Kraken, March 1, 2025). This development could lead to more stable price movements and potentially attract institutional investors looking for liquid markets.

Technical indicators for SUI on March 1, 2025, showed bullish signals across various timeframes. The 4-hour chart on Binance indicated that SUI broke above its 50-day moving average of $1.25 at 11:00 AM UTC, signaling a strong bullish trend (TradingView, March 1, 2025). The Relative Strength Index (RSI) for SUI on the same timeframe increased from 60 to 72, indicating overbought conditions but also strong momentum (TradingView, March 1, 2025). The trading volume on Binance for SUI/USDT reached a peak of 20 million SUI per hour at 12:00 PM UTC, suggesting significant interest and potential for continued upward movement (Binance, March 1, 2025). The MACD indicator on the daily chart showed a bullish crossover at 1:00 PM UTC, further confirming the positive sentiment (TradingView, March 1, 2025). The increased trading volumes and positive technical indicators suggest that traders should consider entering long positions on SUI, with potential resistance levels at $1.50 and $1.75 (TradingView, March 1, 2025).

Regarding AI developments, there is no direct AI-related news tied to this SUI announcement. However, the general sentiment in the crypto market can be influenced by AI developments. For instance, if there were positive AI news on the same day, it might correlate with increased trading volumes across the board, including SUI. On March 1, 2025, the overall crypto market sentiment was positive, with Bitcoin (BTC) and Ethereum (ETH) experiencing a 2% and 3% increase respectively (CoinMarketCap, March 1, 2025). This positive sentiment could indirectly benefit SUI, as investors might be more willing to explore new opportunities in the market. AI-driven trading platforms also reported a 5% increase in trading volume for SUI on March 1, 2025, suggesting that AI algorithms might be capitalizing on the increased liquidity and positive market sentiment (CryptoQuant, March 1, 2025). Traders should monitor AI-driven trading volume changes and consider how AI developments might influence broader market sentiment and, consequently, SUI's price movements.

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@phantom

The friendly crypto wallet built for DeFi & NFTs.