- SUSHI was the most influential project on AVAX
- Metrics were supportive of a price surge
- The market indicators, however, looked concerning
SushiSwap [SUSHI] recently made headlines as it was named the most influential project in the Avalanche ecosystem. This development was positive for the token as it reflected its popularity and influence in the crypto community.
Most Influential Project on Avalanche$SUSHI @SushiSwap$JOE @traderjoe_xyz$FITFI @StepApp_$TIME @wonderland_fi$CRA @PlayCrabada$ALBT @allianceblock$BIFI @beefyfinance$PNG @pangolindex$CQT @Covalent_HQ$ANY @MultichainOrg#AVAX $AVAX pic.twitter.com/9ozC2j4Wrp
— AVAX Daily ? (@AVAXDaily) November 21, 2022
Read SushiSwap’s [SUSHI] Price Prediction 2023-24
SUSHI also achieved a new milestone in the Polygon ecosystem after it was on the list of cryptos with the most promising Altrank.
Top @0xPolygon Projects by Altrank
? $PNT @pNetworkDeFi
? $ZINU @ZInuToken
? $OM @MANTRAOMniverse$GHST @aavegotchi$AXN @axion_network$QUICK @QuickswapDEX$SHA @safeHavenio$CIV @civfund$CRV @CurveFinance$SUSHI @SushiSwap@LunarCrush#POLYGON $MATIC pic.twitter.com/mKyBJDK8QI— Polygon Daily ? (@PolygonDaily) November 21, 2022
Despite these updates, SUSHI failed to make its investors happy. Its price dropped by 12% in the last seven days. According to CoinMarketCap, at press time, SUSHI was trading at $1.11 with a market capitalization of more than $141 million.
However, things might soon turn in SUSHI’s favor, as several on-chain metrics suggest a price surge in the days to come.
What metrics suggest
As per CryptoQuant’s data, SUSHI’s exchange reserve was declining, which is a positive signal as it represents less selling pressure.
Surprisingly, SUSHI’s development activity increased significantly. Thus, indicating increased developer efforts to improve the blockchain.
SushiSwap’s network growth and volume also registered upticks, giving investors hope for better days to follow. Not only that, but SUSHI’s MVRV Ratio was substantially lower, which might be a possible indicator of a market bottom that might increase the chances of a northward price movement.
Source: Santiment
This can cause trouble for SUSHI
Though the metrics look to be in favor of SUSHI, the market indicators revealed a different story. The Exponential Moving Average (EMA) Ribbon displayed a bearish crossover, which might be a bit concerning.
Besides, the Relative Strength Index (RSI) was resting lower than the neutral mark, further increasing the chances of a continued downtrend in the coming days. Nonetheless, the On Balance Volume (OBV) increased over the last few days, which was bullish.
Source: TradingView
