Sushi blockchain (SUI) has shown significant growth in recent weeks, with its market value approaching nearly $7 billion. The surge is mainly due to increased activity of meme-coins and more user participation in DeFi projects. Trading volume on decentralized exchanges (DEX) for Sushi in the past seven days has reached $2.1 billion, indicating a 4.49% growth. This trend has propelled Sushi to surpass Arbitrum in the last 24 hours and become the fifth top blockchain in terms of DEX trading volume. Despite this progress, Sushi still lags behind major blockchains like Base (BASE), Binance Chain (BNB), Ethereum (ETH), and Solana (SOL). From a technical analysis perspective, the Relative Strength Index (RSI) for Sushi is currently at 51.86, up from 35.22 over the past three days, indicating a return of buying pressure. However, this index is still below the 70 range, suggesting a lack of strong upward momentum. The Directional Movement Index (DMI) also confirms a weakening trend. The Average Directional Index (ADX) has decreased from 14.79 to 9, with the positive DI slightly above the negative DI, but the overall trend strength remains weak. On the other hand, Sushi’s exponential moving averages still have a downward structure, but the gap between them has narrowed, potentially forming a ‘golden cross’ that could signal an upward movement. If this occurs, the price could grow up to $2.28 resistance and further to $2.41 and $2.54. With continued buying pressure, the next target would be $2.83. Conversely, breaking the $2.02 support could push the price down to $1.71. Visit the real-time digital currency price page to monitor all token and cryptocurrency prices live.
