SushiSwap (SUSHI) has experienced a nearly 20% price increase, which led to the liquidation of approximately $465,760 in short positions, three times the number of long positions liquidated. The cryptocurrency is currently trading at $0.75, despite facing resistance at $0.80. Indicators such as the Relative Strength Index (RSI) and Awesome Oscillator (AO) suggest a potential for continued upward momentum that could surpass the $0.80 mark and possibly even reach a high of $0.90.
Blockchain analytics firm Lookonchain has raised suspicions of price manipulation linked to a new wallet's activity. The wallet in question purchased over 900,000 SUSHI tokens using 640,000 USDC on decentralized exchanges and subsequently deposited the USDC into the dYdX platform via multiple addresses. This behavior suggests an intent to profit from a long SUSHI position.
Given these suspicions and deposits into dYdX, investors are encouraged to approach with caution when considering SushiSwap. The recent price surge and potential for further growth should be weighed against the possibility of market manipulation influencing these trends.
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