Bitcoin movement can directly influence the path of SUSHI
SUSHI has been climbing the price lists since mid-2020, with alt emerging to become the sixth largest DeFi token with a total TVL of over $ 4.4 billion, according to DeFiPulse.
The token price increase actually started in November 2020, at which time its trading value was around $ 0.49. Since then, the currency has been able to guarantee growth of a staggering 4,741 percent, with the price reaching $ 23. However, a decline would soon follow to the price over the past month, bringing the price all the way through. for your $ 10 support.
At the time of writing, SUSHI was trading at around $ 14. So it would be interesting to see its future trajectory in the coming weeks.
You data provided by Santiment present some insights. In early March, the drop in the token price was stabilized in the $ 10 price range when many buyers entered the market and increased trading volume. Despite its stagnation in recent times, many expect a large increase in the value of SUSHI.
A recent report by Santiment highlighted:
“We are seeing the first signs of strength and momentum. Whether it can continue depends largely on whether the BTC falls aggressively or rises. Given that we eliminated a large number of leverage traders during the April 15 decline, the likelihood favors the latter. ”
Other factors also came into play. Development activity, for example, can always act as a catalyst for an upward trend in price. The development activity in the case of SUSHI in April was very promising and, as the currency tries to recover its losses, this can, in turn, inspire greater investor confidence and feed the feeling of holding.
According to Santiment, since March, SUSHI has seen many of its investors transfer their tokens to exchange portfolios. The supply metric on exchanges, for example, seemed to find a high amount of SUSHI currently held at those addresses.
Sales pressure across the market appeared to be highly visible as well, with the same underlined by SUSHI’s daily active deposits, in which more holders are participating in transfers to exchanges. Interestingly, the data also pointed out that there was a clustering of active deposit peaks when SUSHI reached the $ 10 region, suggesting that this may be the first sign of capitulation.
If the Bitcoin market is stable and the price continues to move towards the $ 60,000 mark, SUSHI is also expected to approach the $ 20 range in the coming weeks. However, there are some signs that selling pressure is likely to lead to another correction and, in the event of a bearish trend in the BTC market, the bearish effect is likely to be amplified for SUSHI and the $ 10 currency price range. (who saved last time) may not be able to do much.