Sui Network (SUI) Price Hits All-Time High of $3.29 Amid Investors' Confidence

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).

Layer-1 blockchain Sui Network (SUI) is having an exciting time in terms of both price performance and ecosystem development.

The price of SUI surged to new levels on Friday, rising to an all-time high (ATH) amid increasing investors' confidence.

Here's a closer look at SUI's recent price performance, technical indicators, and upcoming developments in the Sui ecosystem.

Sui Price Hits All-Time High Amid Investors’ Confidence

The SUI price reached an ATH of $3.29 in early trading hours on November 11, surging up from a low of $2.83. While the market volatility saw the asset drop a few cents, it remained resilient, trading at $3.27 at the last check, up by 9.47% in the past 24 hours.

This surge in SUI's price follows a period of impressive growth for the asset. It began trading at a low of $0.3643 on October 19, 2023, and has since seen a steep rise. This recent rebound also saw SUI place itself among the top gainers in the past 24 hours, outpacing other altcoins.

Technical Indicators, Total Value Locked Signal Possible $5 Price

Sui's technical indicators showed its price may still have strong bullish momentum ahead of breaking through resistance levels. The SUI RSI stands at 79, which is 9 points clear of the 70 threshold, indicating that the asset has entered the “overbought territory.”

Meanwhile, the SUI blockchain clocked an impressive milestone in its Total Value Locked (TVL), which hit $1.38 billion. This metric showcases investors' confidence in the asset and their willingness to stake their investments. This confidence highlights trust in SUI's security, utility, and potential returns.

As SUI continues to surge, some analysts predict that the asset could soar to $4 in no time if it maintains its current momentum. Others see SUI testing the $5 and $6 levels if the bullish wind sweeping across the crypto ecosystem persists. They noted that this, combined with the strong bullish sentiment among SUI holders, might help drive the price to new levels.

Launch of Name Service Token to Expand Sui Ecosystem

In other news, upcoming developments in the Sui ecosystem are also grabbing attention. In an X post, Sui Name Service (SuiNS) announced that the ecosystem will launch the NS token on Thursday, November 14. This marks a new chapter in the SUI network.

With the launch, SuiNS will shift to a decentralized model and give more power to the community. This means that the community will participate in decision-making and dictate the direction of progress.

To celebrate the launch of NS tokens, all 183,369 holders of SuiNS airdrop will receive tokens, which they can claim at 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.