- Sushi continued its upward trend with an increase of more than 2%.
- The funding rate also remained positive at the time of writing.
SushiSwap [SUSHI] has experienced a significant price increase, making it one of the winners in the current market. Did derivatives traders also share this bullish sentiment due to the rising price trend?
How much are 1,10,100 SUSHIs worth today?
SushiSwap peaks with more than 80%
SushiSwap stands out as one of the main beneficiaries in the current altcoin bull market. This bullish trend is partly due to Bitcoin’s recent rebound [BTC] value of the past few weeks.
As Bitcoin maintained a price above $34,000, profits flowed to these altcoins. Moreover, according to a Santiment According to the report, it has witnessed an impressive 82% increase in value in the past week.
Analysis of the trend of SUSHI
On the daily time chart, a significant portion of SushiSwap’s remarkable 80% increase in value occurred during a single trade. Trade was responsible for 47.80% of that increase on November 1.
Afterwards, the asset experienced a slight decline of over 8% in the next trading session. However, it still remained within the new price range. At the time of writing, it was trading around $1.0, up 2%.
Source: TradingView
Moreover, the Relative Strength Index (RSI) suggested the potential for a price correction in the near future. The RSI had risen above 80, indicating that the asset was overbought and in a bullish trend at the time of writing.
Furthermore, declining trading volume indicated that a price retracement could occur soon.
Derivatives traders are counting on price increases
A study on the financing rate on Mint glass indicates that traders in the derivatives markets also showed a positive outlook on prices. SushiSwap’s financing rate rose to the highest level in several months, reaching approximately 0.2%.
Rates subsequently fell gradually, but remained in positive territory, standing at around 0.01% at the time of this report.
Is your portfolio green? View the SUSHI Profit Calculator
Furthermore, the liquidation graph showed that the price spike led to an increase in the number of liquidations. At the time of writing, there was only a small difference between short and long liquidations.
Short liquidations were approximately $213,000, while long liquidations were approximately $218,000.
