These two news combined had a positive impact on the rate of the native token of the SUSHI project, giving it a bullish momentum. Over the past three days, the coin has risen in price by almost 25%, and the price increase was supported by the growth of retail trading volumes. In addition, the RSI index showed a sharp jump, also highlighting the bullish pressure in the current market.
At the time of writing, SUSHI continued to grow and was trading around $1.30 with an intraday increase of 16%, and trading volumes of coins soared to almost $1.56 million, according to Coinmarketcap.
The increased bullish sentiment is supported by such increased indicators as social volumes on social platforms, a weighted index of sentiment in social networks and developer activity.
In addition, the indicator of daily active addresses also increased by 56% compared to the previous day against the background of increased activity on the network.
It is also possible to note an increase in the number of addresses on the balance of which from 10 thousand to 100 thousand tokens and from 100 thousand to 1 million tokens are stored. At the same time, whales began to accumulate SUSHI more.
However, despite this optimistic picture, it is impossible to rule out a pullback in the direction of $1.10 or even $1.00 if the bullish mood begins to weaken. The current situation on crypto exchanges also warns about this probability: the influx of SUSHI coins to trading platforms has slightly increased. This may portend a small profit-taking in the near future.