Recently, the Sui Network has gained traction with the release of its massive Sui Name Service (SNS). It aims to make interacting with the network easier. As traders expect a rise in SUI price it’ll be interesting to see what comes up next.
Just days ago, Sui announced the SNS release, introducing the $NS token. It is a key part of Sui’s growing infrastructure that enables users to create and manage human-readable addresses.
The market’s reaction was overwhelmingly positive as investors enthused by the potential implications of this development have helped SUI token prices swell from a close to 5% increase.
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The $NS token is live. Eligible users can now claim their stakes. Users must connect their wallets to file the claim, confirm ownership of exclusive NS NFTs, and then claim $NS tokens.
The SNS launch aims to create a more user-friendly Sui ecosystem. It can lead to higher engagement and adoption rates.
Sui Price Market Reaction
SUI token prices climbed nearly 5% after the launch, thanks to the market response to the Sui Name Service. A recent trading price of about $3.75 for the token indicated a great uptrend over previous levels, boosted by solid fundamentals, a market cap of $10.43 billion, and a 24-hour transaction volume of $1.75 billion.
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What appears to be driving the increased trading activity and price appreciation is the confidence of investors and the community alike in the Sui Name Service’s potential to help drive long-term growth and user engagement.
According to this positive broader trend in the Sui network metric performance, the price rise is overwhelming. Looking at the Fully Diluted Valuation (FDV), the network stands at $36.68 billion, showing its strong financial stability and growth potential.
Additionally, the 16.88% ratio between volume and market cap in the past 24 hours indicates good liquidity. It means many people are actively interested in the market and trade here.
SUI Token Technical Analysis: Bullish Momentum Building
SUI’s technical indicators support the bullish sentiment seen in the market. The SUI token gained on Binance’s 4-hour chart as a clear uptrend from the SNS launch approached. Its price has also been up in the past few days.
Below is the price chart for the Awesome Oscillator (AO) indicator, which gave us a series of green bars indicating an increasing bullish momentum. The SUI buyers seemed prepared to keep going with the upward pressure on the SUI price, and the token was ready to test new resistance levels.
SUI has already crossed a critical resistance zone at the $3.40 price, which was marked on the chart as a consolidation range. It showed a market where there were repeated attempts to break through that resistance level. Therefore, we saw further upside when the token price broke that resistance level.
With rising trading volume continuing to follow the upward trend, the bullish signals from the AO indicator suggested there was still some price appreciation ahead. Users continued to show interest in the Sui Name Service, and the SUI token has maintained positive momentum.
