Good news has come for SushiSwap [SUSHI] as it has managed to clinch the second position in the list of top earners in the Solana ecosystem for the past seven days. Sushi has seen some promising price moves recently that have helped the token reach this new milestone as it has seen weekly gains of over 12%.
Top winners in @Solana Latest 7D Ecosystem 🚀🚀$KITTY @KittyCoinSolana $SUSHI @sushiswap $SBR @Saber_HQ $BDP @bigdataprotocol
CA$98 @coin98_wallet $MEDIA @Media_FDN $REN @renprotocol $DFL @DeFi_Land $PORT @port_finance $GMT @stepnofficial
#solana $SOL pic.twitter.com/PySSRprB8o
— Solana Daily (@solana_daily) October 10, 2022
According CoinMarketCapat the time of going to press, SUSHI was trading at $1.24 with a market cap of $157,607,810. Not only that, but several interesting developments in the SUSHI ecosystem have also shown the potential to drive up the price of the token in the coming days.
Meet AMBCrypto Price prediction for SushiSwap (SUSHI) for 2023-24
Good news is coming
Since October 9, SUSHI has been listed by cryptocurrency exchange Bureaucracy Global. This could be a contributing factor to SUSHI’s growth in the days to come.
— Burency (@BurencyOfficial) October 9, 2022
This new list will help SUSHI diversify its investors and become more accessible to people around the world. Continuing with the good news, the whales also showed immense interest in SUSHI. The token was on the list of the 10 most purchased tokens among the top 100 Ethereum whales as of October 10.
– WhaleStats (crypto whale tracking) (@WhaleStats) October 10, 2022
Look through the metric window
A look at SUSHI’s metrics revealed an ambiguous picture, as several metrics supported the possibility of a continued price spike, while the rest suggested otherwise.
For example, SUSHI’s development activity surged last week, which was a positive indicator as it reflected developers’ efforts to improve the network. SUSHIThe social volume of has also increased lately. In addition, after drastically declining, SUSHI’s network growth also saw a recovery on October 10.
However, not everything was in favor of SushiSwap. The Market Value to Realized Value (MVRV) ratio has declined, increasing the chances of a downtrend. Interestingly, at the time of writing, SUSHI had already recorded negative growth of 7% over 24 hours.
SUSHI volume also followed a similar path and declined over the past week, but managed to register a slight uptick from October 10th. Additionally, CryptoQuant Data revealed that SUSHI’s net deposits on the exchanges were high compared to the seven-day average. This was a bearish signal as it indicated higher selling pressure.