SUSHI Token Shows Signs of Strengthening Ahead of Potential Breakout

The price of SushiSwap (SUSHI) has surged 5.94% over the last 24 hours, reaching $0.2234 on CoinMarketCap. The token's market capitalization stands at $64.04 million, with a trading volume of $28.43 million.

A trendline break could trigger a rally to $0.64, according to Clifton Fx, a crypto analyst who pointed out that SUSHI is drawing out a clear trendline on the daily chart. This formation indicates consolidation as buyers and sellers maintain equilibrium, preparing for the next major price movement.

However, the token faces pressure below its key moving averages, with the 200-week SMA serving as an important resistance level at around $0.975. The RSI stands at 33.43, just above the oversold zone of 30, indicating intense selling but no clear reversal yet.