Sushiswap Price Prediction: Sushi aims for $15 as its network growth continues to expand


  • Sushiswap price has just hit a new all-time high of $12.719 after a massive rally in 2021.
  • The exchange has seen a massive increase in trading volume in the past month.
  • Sushi stakers have been paid $6.1 million in fees in January.

Sushiswap price is up by 340% in January after seeing tremendous growth in 2021. The digital asset and exchange seems to be unstoppable and faces no barriers on the way up to $15. Several positive on-chain metrics suggest the digital asset could continue rising without any opposition. 

Sushiswap price can hit $15 with no resistance ahead

One of the main factors behind Sushi’s impressive rally is the massive increase in trading volume the exchange has experienced in 2021. In January 1, Sushiswap had $187 million in trading volume over 24 hours. This number peaked at $708 million on January 8 and continues trending higher, currently at an average of $500 million. 

sushi price

SUSHI trade volume chart

The token itself has also seen a massive increase in trading volume from an average of $324 million on January 1 to $1.3 billion currently. The number of whales holding between 1,000,000 and 10,000,000 SUSHI coins has increased by four in the past week. 

sushi price

SUSHI Holders Distribution chart

Additionally, the SushiSwap exchange has paid xSUSHI stakers around $6.1 million in fees in January alone which is extremely significant and increases buying pressure.

sushi price

SUSHI MVRV (30d) chart

However, the MVRV (30d) chart shows that Sushi is in the danger zone above 60% which often leads to significant correction periods. The digital asset is certainly overextended and has not experienced a notable pullback yet.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Cardano Price Forecast: ADA braces for a test of $2 amid a potential bull pennant

Cardano (ADA/USD) is extending its recovery this Sunday after a sharp sell-off witnessed a day before. ADA/USD charts a bull pennant on the 12H chart.  A test of the $2 mark appears inevitable if the bullish pattern is confirmed. RSI has regained upside momentum, well above 50.00.

More Cardano News

XLM Price risks further falls towards $0.53 amid double top reversal

XLM/USD is falling for the third straight day on Sunday. $0.53 support appears at risk after the double top reversal on the 1D chart. RSI points south towards the midline as the XLM price eases from record highs.

More Stellar News

Dogecoin: Defending 21-DMA is critical after Musk calls it a ‘hustle’

Elon Musk's appearance on 'SNL' throws DOGE under the bus. DOGE/USD extends sell-off into Sunday, hitting five-day lows. DOGE bulls remain hopeful as 21-DMA support holds, with RSI still bullish.

More Dogecoin News

Ethereum bulls gather strength for a sustained break above $4000

Ethereum bulls take a breather after Saturday’s $500 rally to record highs. The No. 2 coin eyes additional upside after rising wedge breakout on the 4H chart. RSI is in the overbought region, dip buying to keep the uptrend intact.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP