- SUI’s TVL reached a milestone of $1.45 Billion, revealing growing investor confidence.
- Sui Name Service is coming to the ecosystem to drive enhanced usability.
Sui (SUI) crypto has been on fire, and a massive price surge has been witnessed in the past few sessions. It registered an all-time high of $3.20 in yesterday’s session and continued to outperform the crypto market.
The bull army maintained the upper hand and persisted in showing their dominance. Amidst the investors’ growing confidence, Sui Network achieved a milestone. The token reached a Total Value Locked (TVL) of $1.45 Billion.
SUI Price Climbs to ATH on Rising Investor Confidence
SUI price was trading at $3.13, noting an intraday decline of over 0.90%. With a market cap of $8.92 Billion, it ranked 16th among the top crypto coins. The pair of SUI/BTC was at 0.0000351 BTC, and the total supply was 10 billion.
In a recent tweet on X, Analyst Crypto Jack said that SUI has a favorable growth outlook in the future. He added that SUI could skyrocket to significantly higher levels ahead.
SUI crypto has gained immense popularity, reflected in a massive demand surge. That may propel a significant upsurge in the subsequent sessions.
The price action signified a massive buying momentum fueled by a significant volume of participation. This represented the market participants’ bullish optimism.
The Relative Strength Index (RSI) line stayed in the overbought zone, noting around 74 at press time. It replicated a positive divergence, suggesting that the outperformance may continue.
Also, the consistent liquidity surge fueled the price growth, as evidenced by the Chaikin Money Flow (CMF) reading. It was noted around 0.28 at press time. It highlights that the inflows were on the rise.
SUI Network Ecosystem Gains Momentum with Name Service Token Launch
Apart from the massive price surge, one more signaling factor can lead to a positive shift in value. That factor includes the future of ecosystem development.
In an X post, Sui Name Service (SuiNS) revealed that the ecosystem’s NS token will go live on Thursday, November 14th. This will mark a new direction in the SUI Network.
As for the launch, SuiNS will become decentralized, and the community will receive more control over it. In other words, it means that the community will be involved in deciding how they want the progress to be shaped.
To announce the release of NS tokens, all 183,369 SuiNS airdrop participants will receive tokens. They can redeem these tokens at a special website.
This website will be posted and launched on Token Generation Day when the NS token is released. SuiNS mentioned that they are proud that the community has made significant progress where people can be involved in the project’s development.
Support and Resistance Levels
In case of profit booking at the higher levels, the SUI price may drop to the round mark of $3, followed by $2.70. A strong support was placed around the $2.30 mark. However, a cross above the present ATH of $3.20 could push SUI crypto toward $3.50 in the coming sessions.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.