- SushiSwap trade volume remained lower than Uniswap according to Kaiko data
- On the price front, SUSHI has seen a decline of 0.35% in the last seven days
SushiSwap decentralized exchange [SUSHI] hasn't been at its best for a while. The exchange has had an even worse time over the past few days.
Just recently, SushiSwp fell victim to a white hat exploit that resulted in a loss of almost 1800 ETH. To add to the list of bad news, SushiSwap's trading volumes have painted a disappointing picture, especially in the past year.
According to crypto analytics platform Kaiko, SushiSwap has remained below Uniswap's trading volumes for most of the year. However, the former's trading volume only managed to overtake Uniswap once.
🍣SushiSwap had a tough year.
Trading volumes have only surpassed Uniswap V2 once in the past 66 weeks (not even looking at V3).
What is the future of the former second largest #DEX? pic.twitter.com/wKYwcOLVjc
— Kaiko (@KaikoData) April 11, 2023
Read the SushiSwaps [SUSHI] Price Prediction 2023-24
Who's up for SUSHI?
As of this writing, SushiSwap has failed to hold its own. According to data from Santiment, development activity on the SushiSwap network did not appear to be at its best.
Additionally, it saw a decline after managing to rise slightly on April 8. However, the total number of holders did not see a significant drop as expected and managed to stay on the same lines compared to the past few days.
Source: Santiment
According to additional data from data analytics platform CryptoQuant, SUSHI's total trade net flow has seen a drop over the past seven days. This could be considered a positive update.
However, SUSHI's foreign exchange reserves in the past 24 hours have been on the rise. An increase in foreign exchange reserves could indicate higher selling pressure for SUSHI in the coming days.
Source: CryptoQuant
Looking at address growth, data from Glassnode showed that there was no significant movement in the number of new addresses on the network. At press time, the number of new addresses stood at 87, which was down from the past seven days.
Source: Glassnode
Hang on SUSHI!
As of this writing, SUSHI is trading hands at $1.14. As seen in the chart below, SUSHI flashed green at press time. Additionally, its Relative Strength Index (RSI) seemed to be moving away from and up from the neutral line. At press time, SUSHI's RSI stood at 53.50.
How much are 1,10,100 SUSHI worth today?
Moreover, the Moving Average Convergence Divergence (MACD) was also in favor of the token. With the MACD line crossing the signal line, one could see that the price could experience a surge. The histogram also flashed green, indicating a price spike for SUSHI.
A look at the Money Flow Index (MFI) further indicated that the price may see a move higher as the indicator moves above the neutral line.
Source: Trading View
So, has SUSHI left behind its bad days? This can only be the case if SUSHI continues on its bullish trajectory over the next few days. Traders are however advised to remain cautious.