SushiSwap (SUSHI) prices crept higher on Sept. sixteen following another mean solar day of gains for decentralized commutation (DEX) tokens.

The SUSHI/USD exchange charge per unit rose by 7.54%, or $1.fourteen, to reach $16.31 for the offset fourth dimension since May 21. The pair's upside motility pushed its 24-hour adjusted timeframe profits upwards to 23%, making SUSHI the all-time-performing DEX token in the given period.

For instance, UNI, the token representing the leading DEX Uniswap by market place cap, jumped six.23% against the U.S. dollar in the previous 24 hours. Meanwhile, PancakeSwap (Cake) rose 2.5%, THORChain (RUNE) climbed circa thirteen%, and Curve (CRV) inched higher by over 4.v%.

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

Why is SushiSwap 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 belongings SUSHI tokens.

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

It besides 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 as well cater to its ecosystem'due south growth. For instance, the platform has launched many new services in contempo months, including DeFi liquidity provider Onsen and lending/borrowing dapp Kashi.

On Sept. 2, SushiSwap also unveiled its upcoming non-fungible token (NFT) market, dubbed Shoyu. The sales volumes for blockchain-verified unique digital collectibles grew from $13.7 million in the first one-half of 2022 to $ii.five billion in the first one-half of 2022.

SUSHI toll outlook

Every bit a effect, SUSHI has browbeaten its DEX rivals in terms of interim returns. Its profits in the previous 7 days sit over 45% compared to UNI'due south sixteen.93%. However, SUSHI lags in year-to-appointment (YTD) gains, jumping more than than 370% compared to UNI's 474% gains.

Meanwhile, PancakeSwap's CAKE has led the peak DEX pack afterward 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, just it'south evolving to then much more than," he said.

"A suite of DeFi products, all generating acquirement for the community treasury, and of form SUSHI holders."

Related: Altcoin Roundup: Time to rotate! Data suggests traders are shifting from NFTs to DeFi

On the technical charting forepart, SUSHI has fallen behind in the recent altcoin marketplace boom. Simply the SushiSwap token'southward climb in the contempo sessions has had it break above $15, a key psychological resistance level, now interim every bit support.

SUSHI/USD daily price chart featuring its next upside toll 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-fourth dimension high. The previous SUSHI/USD peak sits at $24.69. Melker added:

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

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