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This is how SushiSwap’s new year might look if things go as planned 

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This is how SushiSwap's new year might look if things go as planned 
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  • SUSHI’s 2022 recap and plans for the future were revealed by its CTO.
  • Metrics and market indicators were bullish.

SushiSwap’s [SUSHI] CTO revealed what the SUSHI network was up to during the last two quarters of this year.

In his tweet, he mentioned that in Q3 and Q4, it became obvious that there was a strong need to prioritize, and they decided to focus on ideas to improve their most loved and profitable product, the DEX, SushiSwap.

This led to the deprecation of Kashi (Sushi Lending) and Miso (Sushi Launchpad). He also mentioned that they have plans to launch successors to these products in the future once they have the resources to dedicate the product teams.

Are your SUSHI holdings flashing green? Check the Profit Calculator

Interestingly, SUSHI’s recent price also looked optimistic, as its weekly chart was painted green. As per CoinMarketCap, SUSHI’s price increased by more than 4% in the last seven days, and at the time of writing, it was trading at $0.9689 with a market capitalization of over $215 million.

A good start to the new year

Cryptolaxy, a fundamental and technical analysis platform, recently released a list of the most underrated projects, and SUSHI topped the list. According to the data, SUSHI’s undervaluation index was three, which was positive as it reflected that SUSHI’s value might go up in the coming days.

Furthermore, several of SUSHI’s on-chain metrics suggested that the new year may bring better news for investors. SUSHI’s MVRV Ratio went up considerably over the last week, which looked bullish. The token also remained popular in the crypto space as its social volume remained consistently high.

Source: Santiment

Furthermore, CryptoQuant’s data revealed that SUSHI’s net deposits on exchanges were low compared to the last seven days. This was a positive sign as it indicated less selling pressure. Nonetheless, the concern was that SUSHI’s active addresses were decreasing. Thus, suggesting a lower number of users on the network. 

A 1703.52x hike on the cards if SUSHI hits Bitcoin’s market cap?

Looking forward

SUSHI’s market indicators were also bullish as they increased the chances of a continued price surge. The MACD displayed a bullish crossover. SUSHI’s Money Flow Index (MFI) registered an uptick and was heading toward the neutral position, which too looked bullish.

However, the Bollinger Bands revealed that SUSHI’s price was about to enter a squeeze zone, which might restrict SUSHI from going up in the coming days. 

Source: TradingView

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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