SushiSwap price made a strong recovery on Monday as demand for the DeFi token rose. It rose to a high of $1.4520, which was the highest level since October 20. It has rallied by more than 42% from its lowest level in August of this year. So, will the SUSHI price continue rising?
SUSHI rebound continues
SushiSwap is one of the leading players in the Decentralization Finance (DeFi) industry. It is a platform that is an alternative to other popular platforms like Uniswap, dYdX, and PancakeSwap. A key difference is that it offers liquidity mining.
The platform makes it possible for developers to swap, earn, stack yields, lend, and borrow in a single application. SushiSwap was built on Ethereum, Arbitrum, Polygon, and Harmony among others.
SushiSwap has handled over $228.68 billion in the past few months. It offers more than 16.3k total cryptocurrency pairs to traders.
SushiSwap price has risen in the past few months as investors react to the recent activity in the network. For example, the community voted for a new Head Chef, Jared Grey last month. Jared was formerly the CEO of EONS, a leading DeFi exchange. Before that, he was the CEO of Bitfineon, a small cryptocurrency exchange.
SUSHI price rose after Jared Grey reached out to Changpeng Zhao, the head of Binance on collaboration. On Sunday, Changpeng said that Binance was investing heavily in DeFi. It is unclear whether Binance will collaborate with SushiSwap anytime soon.
Meanwhile, SushiSwap price has risen ahead of the Meiji upgrade that will replace the current Sushi DAO. Meiji DAO will bring governance on chain and kickstart the Meiji Restoration of Sushi. The new Meiji DAO requires shares instead of tokens, and feature a new quadratic voting mechanism. Also, it will be a fully autonomous on-chain.
SushiSwap price prediction
Is it now safe to buy SushiSwap? The daily chart shows that the SUSHI price has been in a strong bullish trend in the past few months. It has risen above the 50-day moving average while the Relative Strength Index (RSI) has moved above the neutral point. It has formed a cup and handle pattern.
Therefore, the coin will likely continue rising as bulls target the next key resistance level at $1.5788, which is about 10% above the current level. A drop below the support level at $1.3756 will invalidate the bearish view.