SushiSwap’s (SUSHI), has seen a 57% increase in just two weeks, and a 40% rise in the last 30 days. A potential integration of Stargate, LayerZero and other decentralized financial tokens has pushed the DeFi token to the upside.
Why SushiSwap’s 15% Gain Could Be The Beginning Of An Uptrend| Why SushiSwap’s 15% Gain Could Be The Beginning Of An Uptrend
SUSHI currently trades at $4.80 and has a 14% profit per 24 hours.
LayerZero allows for direct communication between multiple blockchains. Stargate runs on top and provides bridge solutions.
The decentralized exchange (DEC), which integrates with SushiSwap could unify liquidity across 16 versions. This would allow users to access cross-chain transactions at a lower cost, as well as new investment and product strategies.
The integration could be approved and liquidity providers that use this DEX may receive additional rewards. Instead of being paid a percentage of transactions fees for one liquidity pool on Ethereum, the providers could receive rewards from all of the SushiSwap pools.
This voting process has started to determine whether or not this integration will be accepted. Data provided by the DEX’s governance; this voting will end on April 4, 2022.
Currently, a majority SUSHI owners have voted for the proposal. This is 6.4 million tokens at the time. These votes represent 99.99%, which suggests overwhelming support for the proposal.
The proposal was presented by Tangle and OxMaki and promises to provide a better user experience for cross chain swaps, maximize trading volumes on Sushi pools, and more benefits to the DEX’s treasury. These were the words of the proponents:
Sushi should integrate Stargate in order to allow Omnichain native assets swaps and transfer between networks. By allowing Sushi users to freely move between networks and assets, this will unlock the potential of Sushi.
SushiSwap Signals more Gains
It seems that the DEX (and its native token) are reacting to this news. A pseudonym analyst caught the move to SUSHI’s current levels based on an On-balance volume (OBV), a metric used to measure momentum, downtrend break for the daily chart.
Below, an analyst estimates that SUSHI could rise to $6 if it maintains its current momentum. Stargate’s integration proposal is expected to be approved soon, which would likely continue the trend upward.
$SUSHI – Nice looking setup with a downtrend break on OBV with confluence with a double bullish supertrend. pic.twitter.com/GqyKDeaUO4
— IncomeSharks (@IncomeSharks) March 30, 2022
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Material Indicators (MI), further data suggests that investors with orders for bids between $100,000 and $1,000,000 are the dominant price movement. Although this investor class is optimistic, small investors have started to sell into the SUSHI rally.
