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SushiSwap leads DEX token gains as SUSHI price rises by 23% in 24 hours

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SushiSwap (SUSHI) prices crept higher on Sept. 16 following another day of gains for decentralized exchange (DEX) tokens.

The SUSHI/USD exchange rate rose by 7.54%, or $1.14, to reach $16.31 for the first time since May 21. The pair’s upside move pushed its 24-hour adjusted timeframe profits up to 23%, making SUSHI the best-performing DEX token in the given period.

For instance, UNI, the token representing the leading DEX Uniswap by market cap, jumped 6.23% against the U.S. dollar in the previous 24 hours. Meanwhile, PancakeSwap (CAKE) rose 2.5%, THORChain (RUNE) climbed circa 13%, and Curve (CRV) inched higher by over 4.5%.

The performance of top DEX tokens in the previous 24 hours. Source: Messari

Why SushiSwap is leading the DEX pack?

Decentralized finance sector analyst Kris Kay noted that SushiSwap, as a DEX platform, has lately branched out to more blockchains than its peers. As a result, it has been generating more fees for its users, thus raising the prospect of holding SUSHI tokens.

Specifically, the latest bout of buying in SUSHI markets came a day after SushiSwap announced its deployment on Arbitrum, a layer-2 scaling solution for Ethereum-powered decentralized applications or DApps.

It also revealed that stakers had locked $30 million worth of SUSHI tokens into Arbitrum’s smart contracts.

Kay noted that SushiSwap’s efforts to scale its DEX solutions across multiple layer-1 and layer-2 chains also cater to its ecosystem’s growth. For instance, the platform has launched many new services in recent months, including DeFi liquidity provider Onsen and lending/borrowing dapp Kashi. 

On Sept. 2, SushiSwap also unveiled the first look of its upcoming non-fungible token (NFT) marketplace, dubbed Shoyu. The sales volumes for blockchain-verified unique digital collectibles grew to $2.5 billion in the first half of 2021 from $13.7 million in the first half of 2020.

SUSHI price outlook

As a result, SUSHI has beaten its DEX rivals in terms of interim returns. Its profits in the previous seven days sit over 45% compared to UNI’s 16.93%. Nonetheless, SUSHI lags in year-to-date (YTD) gains, jumping more than 370% compared to UNI’s 474% gains.

Meanwhile, PancakeSwap’s CAKE has led the top DEX pack after delivering more than 3,330% YTD returns.

“SushiSwap is currently the 5th highest earning protocol,” Kay tweeted, hinting that the DEX has a likelihood of growing higher in the coming sessions.

“SushiSwap started out as a decentralized exchange, but it’s evolving to so much more,” he said.

“A suite of DeFi products, all generating revenue for the community treasury, and of course SUSHI holders.”

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On the technical charting front, SUSHI has fallen behind in the recent altcoin market boom. But the SushiSwap token’s climb in the recent sessions has had it break above $15, a key psychological resistance level, now acting as support.

SUSHI/USD daily price chart featuring its next upside price targets. Source: TradingView.com

Scott Melker, an independent market analyst, noted that there are thin resistance lines ahead, meaning that SUSHI could head higher to form a new all-time high. The previous SUSHI/USD peak sits at $24.69. Melker added:

“Those lines at the top are the target, although we know that if they flip to support, we will have price discovery for new highs.”

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