- SUSHI was the most influential project on AVAX
- The measures were favorable to a price surge
- However, market indicators seemed worrying
SushiSwap [SUSHI] recently made headlines by being 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$ARC @PlayCrabada$ALBT @allianceblock$BIFI @beefyfinance$PNG @pangolindex$CQT @Covalent_HQ$ ALL @MultichainOrg#AVAX $AVAX pic.twitter.com/9ozC2j4Wrp
— AVAX Daily 🔺 (@AVAXDaily) November 21, 2022
Lily SushiSwap’s [SUSHI] Price prediction 2023-24
SUSHI has also reached another milestone in the Polygon ecosystem after appearing on the list of cryptos with the most promising Altrank.
High @0xPolygon Projects by Altrank
🥇 $PNT @pNetworkDeFi
🥈 $ZINU @ZInuToken
🥉 $MO @MANTRAOMuniverse$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 please its investors. Its price has fallen 12% in the past seven days. According to CoinMarketCap, at press time, SUSHI was trade at $1.11 with a market cap of over $141 million.
However, things may soon turn in SUSHI’s favor as several on-chain metrics suggest a price spike in the coming days.
What the metrics suggest
According to CryptoQuant DataSUSHI’s FX reserve was down, which is a positive signal as it represents less selling pressure.
Surprisingly, SUSHI’s development activity has increased dramatically. Thus, indicating increased efforts by developers to improve the blockchain.
SushiSwap’s network growth and volume also saw increases, giving investors hope for better days ahead. Not only that, but SUSHI’s MVRV ratio was significantly lower, which could be a possible indicator of a market bottom that could increase the chances of a northward price move.
This may cause problems for SUSHI
Although the measures appear to be in favor of SUSHI, market indicators revealed a different story. The exponential moving average (EMA) ribbon has shown a bearish crossover, which might be a little worrying.
Furthermore, the Relative Strength Index (RSI) remained below the neutral mark, further increasing the chances of a continued downtrend in the coming days. Nevertheless, the On Balance Volume (OBV) has increased over the past few days which was bullish.