SushiSwap (SUSHI) surges 30% higher amid protocol upgrades. Newer tokens have started to surge after a spike in long-standing DeFi blue chips. In the last 24 hours alone, SushiSwap’s SUSHI token is up 30 percent, making it the highest-performing crypto-asset by market capitalization in the top 100.
This rally comes amid strong technical upgrades for the cryptocurrency, along with positive technical trends. SUSHI’s 30% rally in the past 24 hours comes as Uniswap’s UNI coin has also gained around 25-30% over that same time frame. An analyst suggests that the two coins are somewhat correlated, “Never realized how correlated $SUSHI and $UNI were, even if that makes some sense. Both flipped H4 100 MA (beautifully) for the first time in ages, but still so much work to do when looking the structures above.”
Uniswap is rallying because, in a few days’ time, the cryptocurrency’s yield farming emissions will end temporarily. This will stop millions of dollars worth of the coin from being sold on the market each day.
[image: Luigi Pozzoli]