SushiSwap shares have risen due to positive developments on the market. Golden Tree, an asset management company, has placed $5.3 million in SushiSwap.
The news caused a nearly 15% increase in SushiSwap’s share price the day after it was released. Since the uptick of August 31–September 10, this is one of SushiSwap’s most rapid periods of expansion.
The fall that occurred on September 13 as a result of negative macroeconomic pressures was almost entirely erased due to this rally. SushiSwap currently has a TVL of $607.51 millions.
Increased network activity was also noted, according to Santiment’s analysis of the price spike that was also made public.
These people also noticed an increase in network activity as well as address creation. What does all this mean for SUSHI?
Expanding the Protocol
According to a SushiSwap thread, Golden Tree believes in the Sushi protocol’s potential, and praises its resilience as well as that of the SushiSwap community.
The company stated that with the funding, they will be able to contribute in the development and expansion of the protocol’s various components, such as Kuro (a loan service) and Trident.
These investments have a huge impact on development. The result is a significant rise in the on-chain development activity.
SushiSwap on The Green
This optimistic forecast for SUSHI is shown in the graphs. The intraday scale has been showing green candlesticks every day since October 4. It surpassed $1.1413 resistance which was previously resistant to a breach.
Image: TradingView.com
Supporting the current rally is the Bollinger Band’s middle line and the simple moving averages of 20, 50 and 100 days. However, this rally needs to be taken with caution.
If the resistance is high enough, bulls may experience a strong rebound.
Currently, there’s a lengthy rejection of $1.4282. On shorter time frames, this adjustment already appears. A downward trend has begun to form on the one-hour timeframe. Bulls are able to maintain enough momentum at the $1.4282 resistance.
Should the price fall, bulls must defend $1.1587 as support. Investors and traders may find it difficult to hold a long position right now. Investors or traders may enter the market at current prices and set a $1.4194 stop-loss.
Long-term SUSHI owners can enjoy this recent rally.
Featured image from The Market Periodical, Chart: TradingView.com| Featured image from The Market Periodical, Chart: TradingView.com