SushiSwap: Deciphering How SUSHI Is Posting Unparalleled Price Growth

Christian Encila

Last Updated: October 8, 2022 7:55 am

2 mins read

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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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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