Sushi swap’s governance token called Sushi has seen some massive gains lately, benefiting from capital inflows into the DeFi market, and regaining its hype and momentum after partnering with Yearn.finance.
Of course, the clout and hype surrounding the Yearn ecosystem has drawn massive capital towards the sushi token, and investors have seen its price spike in recent days.
The price is also increased by an influx of trading volume into the platform that arises as users trade more DEX-listed tokens to maximize their profits as the newly formed bull run warms up.
Although SushiSwap has a competitive past and a fraction between the founders and the community still has lasting effects on success, it seems that those issues are gradually fading into the past.
A trader now notes that Sushi could be well positioned to make some massive profits over the course of 2021 and that it could switch to $ 9.00 in the near future.
Sushi price rockets after longing for the acquisition
At the time of writing, the price of SushiSwap’s governance token rose just under 18% to its current price of $ 2.26. This is a massive increase from the $ 1.40 weekly lows set a few days ago.
The intense uptrend that has allowed cryptocurrency to erase its recent losses came shortly after the announcement of a merger and acquisition with Yearn.finance.
However, that’s not the only reason the price has gone up, as the liquidity and trading volume of the SushiSwap’s DEX are also increasing rapidly. This trend will help to further increase the value of the sushi token.
It appears to be facing some resistance in its current price region, so a break above $ 2.30 is crucial to get another uptrend.
Sushi’s price is set to grow exponentially in 2021: Analyst
A dealer explained In a recent tweet, he believes the price of sushi will rise towards $ 9.00 in the coming months.
He even goes so far as to call it one of his “Top 3 Alts for 2021”.
“SUSHI: This is one of my top 3 alts for 2021. I’ve amassed heavily since $ 1.90. I expect this will hit $ 9 sooner or later, ”he said, pointing to the graph below.
Image Courtesy of Altcoin Psycho. Source: SUSHIUSD on TradingView.
Unless the DeFi trend or the strength of the aggregated market changes, there is a strong possibility that the SushiSwap token and other DeFi tokens will continue to rise.
Featured image from Unsplash. Charts from TradingView.