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Two recently developed theoretical approaches are applied to the Shastry-Sutherland lattice, varying the ratio $J'/J$ between the couplings on the square lattice and on the oblique bonds. A self-consistent perturbation, starting from either Ising or plaquette bond singlets, supports the existence of an intermediate phase between the dimer phase and the Ising phase. This existence is confirmed by the results of a renormalized excitonic method. This method, which satisfactorily reproduces the singlet triplet gap in the dimer phase, confirms the existence of a gapped phase in the interval $0.66

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