SushiSwap’s token to hit $9.00 price level as the strength of the coin increased and posted massive gains as of late. SUSHI benefited from the recent inflow of capital into the Defi market and regained its hype after the latest partnership with Yearn.Finance as we are reading more in our altcoin news today.
The hype around the Yearn ecosystem drew huge amounts of capital to the Sushi token with investors sending the price skyrocketing higher over the past few days. The price was boosted by the huge influx of trading volume into the platform which came as the users started trading more DEX listed tokens in order to maximize the gains that started forming a new bull run. SushiSwap has an embattled past with a fraction between the founders and the community that still has huge impacts on the success but it seems that the issues are now fading into the past. One trader noted that Sushi will be well-positioned to see more gains over 2021 and noted a move towards $9.00 that could come in the near future.
At the time of writing, Sushiswap’s token was trading up just under 18% with a current price of $2.26 marking a huge increase from the weekly lows of $1.40 a few days ago. The intense uptrend allowed the cryptocurrency to delete the losses that came shortly after the merger with Yearn Finance. This is not the only reason why the price was increasing but the liquidity and trading volumes on Sushiswap’s DEX increased as well. The trend will continue driving the value of the token but it also seems that SUSHI is facing some resistance is around the current price region, marking a slight increase past $2.30 with more upsides on the horizon.
One trader explained in a tweet that he thinks Sushi’s price will skyrocket to the $9.00 region in the upcoming months and went as far as to call it one of his top 3 altcoins of the year:
“SUSHI: This is one of my top 3 alts for 2021. Been accumulating heavily since $1.90ish. I expect this to hit $9 sooner or later.”
Unless there’s a shift in the Defi trend or in the strength seen by the market, there’s a chance that SushiSwap’s token and some of the other DEfi tokens will continue rallying higher.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]