SUI Price Sees Significant Jump Before Name Service Debut

• The SUI price coasted to a new All-time-high of $3.51 yesterday.
• Sui Name Service is coming to the ecosystem to drive enhanced usability.

Sui Network has started drawing users’ interest after its giant Sui Name Service (SuiNS) launched. It is meant to allow users to interface with the network.

A few days ago, SUI disclosed the release, presenting the NS token as part of the protocol’s expanding ecosystem. That allows users to generate and manage human-readable addresses.

The moment you've all been waiting for…$NS is now live!

Eligible users can claim their tokens on https://t.co/bOvwpKeiql pic.twitter.com/p7ynxAQ2Ml

— Sui Name Service (SuiNS) (@SuiNSdapp) November 14, 2024

A massive bullish rally was exhibited, and the SUI price made ATH every day. Yesterday, the SUI token recorded a new high of $3.51.

SUI Price At Press Time

The SUI price has climbed nearly 5% since the SNS launch, thanks to the positive market response. When writing, SUI crypto traded at $3.27, noting an intraday decline of over 3.89%. Its market cap fell to $9.32 Billion, and the total supply remained at 10 billion.

Analysts Predict 20% Rise: Here’s What to Know

In a recent tweet, Ahmed said the SUI price was inching closer to the resistance H4. A successful breakthrough above the H4 would trigger a 20% rise and could push toward $4.10 in the coming sessions.

$SUI

If it exceeds this resistance on H4, it will rise to 4.1 pic.twitter.com/57yUhvPMnv

— Ahmed (@CryptoBheem) November 14, 2024

SUI crypto was riding the 5th rising wave, the strongest phase of the bullish cycle. Typically, as per the Elliott wave theory, a massive upward thrust could lead to a huge price rally after a 4th retracement wave, the 5th rising wave, when it emerges.

SUI Price Analysis: Is the Bullish Run Here to Stay?

SUI crypto has a strongly bullish market structure. SUI price prediction was bullish in the short term. However, some volatility may hit in the following sessions as it looks overbought on the charts.

Meanwhile, a bullish signal is still emerging on the leading and lagging indicators, but a risk-to-reward ratio was unfavorable. The Relative Strength Index (RSI) line remained around 75, depicting a bullish structure.

Additionally, the MACD indicator represented a green histogram reading, conveying a positive outlook. A strong bullish conviction arose from the CMF reading, around 0.35 at press time. It meant that a strong inflow was fueling the price surge.

Amidst the continued price rally, Sui Network’s TVL is also on a steady rise, around $1.305 Billion at press time. It represented a heightened confidence among investors in the ecosystem.

Open Interest Registers a Minor Decline

Like the intraday price drop of over 4%, the Open Interest also showed a minor drop as some long positions exited overnight.

The OI dropped over 9.85% to $676.19 Million over the last 24 hours, with some selling pressure noted in the $3.50 region. However, the long/short ratio still outlined the bullish belief, which remained around 0.9372.

As the SUI price traded in uncharted territory, the immediate support zones were around $3.35 and $3.30. At the same time, a cross above the recent ATH of $3.50 would open the doors toward $3.80 ahead.

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.