Sushiswap (SUSHI) price reclaimed the $1.15 territory on November 2 before retracing below $0.92 a week later. On-chain data trends explore how traders could react as SUSHI broke the $1 barrier on Friday. 

The Sushi price has been stuck in a sideways movement between $1 and $0.90 over the past week. Will traders book profits or continue to HODL in hopes of future gains? 

Investors are Making Record-High Transfers Into Exchanges This Week

SUSHI, the Sushiswap native token, has been on an upward trajectory over the past month with a landmark partnership and positive price action. Similar tokens like PancakeSwap (CAKE) and Uniswap (UNI) also experienced a significant uptick as the crypto market rallied and expanded liquidity across Decentralized Exchange (DEXs). 

However, as the crypto market slips into a consolidation phase this week, on-chain movements suggest that most SUSHI investors are looking to bail. The Glassnode chart below illustrates that SUSHI holders made 226 Exchange Deposit transactions on November 16. 

The Exchange Deposits metric tracks the daily number of unique transactions flowing from cold storage into crypto exchange-hosted wallets. Typically, an increase in Exchange Deposits means that investors are increasingly shifting tokens in crypto trading platforms, possibly to exploit short-term profit opportunities.

Historical data shows that when SUSHI investors show a strong inclination to sell, prices often drop in subsequent days. This phenomenon was observed around June 11, August 17, and more recently on November 2. 

If this pattern reoccurs, SUSHI holders can anticipate a price correction in the days ahead.