Sui Network (SUI), a layer-1 blockchain, is witnessing exciting times in price performance and ecosystem development. The price of SUI surged to new levels as increasing investors’ confidence pushed it to an all-time high (ATH).
SUI Price Hits All-Time High Amid Investors’ Confidence
With bullish momentum, the SUI price reached an ATH of $3.29 in early trading hours on November 11. As of this writing, it has dropped slightly to $3.27, representing a 9.47% increase in the last 24 hours. Investors’ interest remains solid, as market volume has jumped by a significant 6.37% to $3.34 billion.
Overall, SUI’s growth outlook, as projected by renowned analyst CryptoJack on X, looks promising. According to the analyst, SUI might explode to new levels that the asset has not attained after a brief dip spell. CryptoJack’s insight suggests that SUI’s momentum is strong, signaling a possible continued upward trajectory in price.
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In the past 24 hours, it has increased from a low of $2.83 in early trading to its ATH. Although market volatility has seen it drop a few cents, the asset remains resilient. This is part of the coin’s growth trajectory that saw it climb from an all-time low of $0.3643, registered on October 19, 2023. Its recent rebound has helped place it alongside other high-performing altcoins.
Technical Indicators and Total Value Locked Signal Possible $5 Price
Meanwhile, SUI’s technical indicators show that its price might still have a strong bullish momentum ahead of breaking through resistance levels. SUI’s Relative Strength Index (RSI) stands at 79, 9 points clear of the 70 threshold. This suggests that the asset has entered the “overbought territory.”
Furthermore, the SUI blockchain has registered an impressive milestone in its Total Value Locked (TVL). This metric hit $1.38 billion as investors’ confidence in the asset and willingness to stake their investments grows. This confidence highlights trust in SUI’s security, utility, and potential returns.
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Analysts have predicted that if SUI sustains its current momentum, it could soar to $4 in no time. Some see SUI testing the $5 and $6 levels if the bullish wind sweeping across the cryptocurrency ecosystem persists. They noted that this, combined with the strong bullish sentiment among SUI holders, might help drive the price to new levels.
What Launch of Name Service Token Means for the Sui Ecosystem
The upcoming ecosystem development is another possible indicator that could positively impact the price upwards. In an X post, Sui Name Service (SuiNS) announced that the ecosystem will launch the NS token on Thursday, November 14. This will signal a new era in the SUI network.
Notably, with the launch, SuiNS will shift to a decentralized model and give more power to the community. This implies that the community will participate in decision-making and dictate the direction of progress.
To herald the launch of NS tokens, all 183,369 holders of SuiNS airdrop will receive tokens, which they can claim via a designated website. The website will go live on Token Generation Day when the NS token officially launches. SuiNS expressed pride that they have reached a milestone where the community can participate in shaping the project’s future.
