SushiSwap’s Price Soars, Echoing Bullish Market Mood

SushiSwap’s price jumped by over 80%, riding the wave of the recent crypto bull market, supported by Bitcoin's solid performance above $34,000.

SushiSwap’s value surged, mainly from one large trade on November 1st. Despite a small dip after, it’s trading around $1.0. The RSI hints it might be overbought, suggesting a possible price drop soon.

Derivative traders are optimistic, shown by the spike in SushiSwap's funding rate on Coinglass.The SushiSwap funding rate surged to its highest level in several months, reaching around 0.2%. The rate has since dropped but stays positive, showing ongoing trader enthusiasm.

Trades cause both short and long liquidations, but with little difference between them, showing a balanced market reaction to the price rise.