The crazy rally in the Sushiswap market, which has been going on since November 2020, has reached its historic mark of $15.97. In just three months, SUSHI investors saw a 2000% price increase and a new all-time high of $16.6. Investors’ interest in this Defi token is confirmed by the daily trading volume of $747,844,237.
As a result, Sushiswap (SUSHI) ranks 4th place among DeFi tokens, behind LINK, AAVE, and UNI. The SUSHI market was able to impose quite good competition, if we mention its total failure in September 2020.
Sushiswap Becomes the Top DeFi Project
A good place under the sun the project was able to win on the number of locked funds. According to Defipulse, Sushiswap is among the top 6 best DeFi space projects with TVL $2,96 billion.
As you can see from the chart, the number of locked funds at the time of writing is almost 2 times bigger than in September 2020. And in September we well remember what resonance such phenomenon as Defi and the mysterious SUSHI project caused.
However, is there still life in buyers to continue the uncorrected SUSHI price growth?
The Level of 15.34 and Probable Correction to $7.3-8.3
If you look at the weekly timeframe, the Sushi market has not stopped growing since November 2020. Though, the daily timeframe shows us a clear channel of SUSHI price movement and a probable price correction to the range of $7.3-8.3.
The relentless growth machine in the SUSHI market was stopped at 15.34. Buyers managed to break it up, but sellers retained control over it. As you can see in the chart, the liquidity zone of $7.3-8.3 was able to stop the SUSHI price in mid-January for 2 weeks.
There is sufficient strength gathered in this range for a new growth wave and the all-time high update. Therefore, a successful test of this liquidity zone will mean a continuation of the growth trend to $20. The local stop for this scenario is $10.5.
Given the strength of the trend in the Sushiswap market (SUSHI), a second attempt to test the mark of 15.34 is quite likely. Although, if it happens at low volumes and there is a noticeable price slowdown again – this fact will only increase the probability of our scenario.