June 23, 2024

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SushiSwap: How SUSHI Is Registering Unparalleled Price Growth

2 min read
SushiSwap: How SUSHI Is Registering Unparalleled Price Growth

Positive developments in the marketplace have led to a rise in SushiSwap share price. Asset management business Golden Tree has bet around $5.3 million on SushiSwap.

The news caused a nearly 15% increase in SushiSwap’s share price the day after it was released. Since the uptick of August 31–September 10, this is one of SushiSwap’s most rapid periods of expansion.

The fall that occurred on September 13 as a result of negative macroeconomic pressures was almost entirely erased due to this rally. SushiSwap has a current TVL of $607.51 million.

Increased network activity was also noted, according to Santiment’s analysis of the price spike that was also made public.

They also saw the rise in both network activity and address creation. However, what does this mean for SUSHI generally?

Expanding The Protocol

As stated in a thread on the SushiSwap site, Golden Tree has faith in the potential of the entire Sushi protocol, praising its resilience along with that of the community that supports it.

The company stated that with the funding, they will be able to contribute in the development and expansion of the protocol’s various components, such as Kuro (a loan service) and Trident.

This investment has a tremendous impact on the development aspect of things. This is the significant increase in on-chain development activity.

SushiSwap Served On The Green

The graphs depict this optimistic prognosis for SUSHI. Since October 4, the intraday time scale has displayed green candlesticks until now. The upswing surpassed the $1.1413 resistance level, which had previously resisted a breach.

Image: TradingView.com

The current surge is supported by the middle line of the Bollinger band and the 20, 50, and 100-day simple moving averages. This rally should be viewed with caution, however.

When the bulls reach a substantial level of resistance, a rise of this magnitude may be met by a robust reversal.

Currently, there’s a lengthy rejection of $1.4282. This adjustment is already visible on shorter time scales. On the 1-hour time frame, a downward trend is forming. Currently, bulls have sufficient momentum to challenge the $1.4282 resistance level.

The bulls should defend the $1.1587 support line if the price falls. A long position may be untenable for investors and traders at the moment. Investors and traders can enter the market at the present price and establish a stop loss at $1.4194.

Meanwhile, long-term SUSHI holders can rejoice at this relatively recent rally.

SUSHI market cap at $173 million | Featured image from The Market Periodical, Chart: TradingView.com