Cryptocurrency analysts predicted the collapse of the token, which grew by 94% in a month

Analysts drew attention to the little-known SushiSwap token (SUSHI), which managed to grow significantly last week. According to CoinGecko, the value of SUSHI increased by 94% in 30 days, reaching $ 1.15.

PancakeSwap (CAKE) and Uniswap (UNI) also showed significant growth amid a revival of the crypto market and increased liquidity on decentralized exchanges (DEX). However, key on-chain metrics indicate that most SUSHI holders are waiting for the right time to exit their positions.

According to Glassnode’s chart, on November 16, SUSHI holders transferred tokens to centralized trading platforms 226 times. Historical data shows that the growth of this indicator has been followed by a correction in the Sushiswap price. This phenomenon was observed on June 11, August 17, and November 2.

Obtained from the order books of the largest cryptocurrency exchanges, the data confirms that SUSHI is at risk of selling off. According to IntoTheBlock, traders have placed 13.7 million sell orders and only 10.8 million buy orders for Sushiswap.

The growth of exchange deposits and the growing number of sell orders put SUSHI at risk of an inevitable pullback. However, the asset may first retest the $ 1.05 level. 14,980 addresses purchased 155.85 million tokens at this price. However, if Sushiswap holders lose confidence in the continuation of the rally, they may start a panic sale and provoke a larger pullback below $ 0.90.