This crypto explodes by +40%, and it’s not Bitcoin, nor Shiba Inu! Spoiler: The SushiSwap rally is just heating up!

Up 57% in two weeks and 40% in 30 days, SushiSwap (SUSHI) is moving at its own pace. The decentralized finance (DeFi) token is trending higher due to potential integration with Stargate, the implementation of LayerZero.

SUSHI with small gains on the 4 hour chart. Source: SUSHIUSDT Tradingview

LayerZero is a communication protocol that allows direct interaction between different blockchains. Stargate is a gateway solution operating on top of this protocol.

By integrating with SushiSwap, the decentralized exchange (DEC) could unify liquidity spread across its 16 different flavors. Thus, users could access cheaper cross-chain transactions, more security, new products and investment strategies.

If the integration is approved, for example, liquidity providers on this DEX could expand their rewards. Instead of receiving a portion of transaction fees for a liquidity pool running on Ethereum, they could collect rewards from all pools in the SushiSwap ecosystem.

The voting process who will accept or reject this potential integration has begun. Data provided by DEX governance; this vote will end April 4, 2022.

Currently, a majority of SUSHI holders have voted yes to the proposal with 6.4 million tokens at the time of the snapshot. This represents 99.99% of votes so far, suggesting overwhelming support for this proposal.

The proposal was presented by Tangle and OxMaki and promises to provide a better user experience for cross-chain exchanges, maximize trading volumes on Sushi pools, and more DEX cash benefits. The promoters wrote:

We propose that Sushi integrate Stargate to facilitate native Omnichain asset exchanges and cross-network transfers. This will help to unlock the power of Sushi by allowing users to move freely between assets and networks.

SushiSwap reports more gains

The DEX and its native token seem to be reacting to this announcement. A pseudo analyst has captured the move towards current SUSHI levels based on balanced volume (OBV), a metric used to measure momentum, the breakout of downward trend for the daily chart.

As can be seen below, the analyst believes that SUSHI could reach up to $6 if the token is able to maintain its current momentum. With the seemingly imminent approval of the Stargate integration proposal, a continuation of the upward trends seems likely.

$SUSHI – Nice setup with a downtrend breakout on OBV confluent with a double super uptrend.

$SUSHI – Nice setup with a downtrend breakout on OBV confluent with a double super uptrend.

Additional data provided by Material Indicators (MI) suggests that investors with buy orders between $100,000 are dominating the current price action. While this class of investors remains optimisticsmall investors sold in this rally SUSHI.

Large investors (purple) are buying while individuals (yellow) and small investors (green and red) are selling this SUSHI rally. Source: Hardware Indicators.


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