The SSV Network price has defied gravity up to now few weeks even as different cryptocurrencies recoil. The token’s price jumped to a excessive of $17.50, which was the best degree since April twentieth. It has jumped by over 276% above the bottom degree in July, bringing its whole market cap to about $103 million.
What is SSV and why is it rising?
SSV Network is a comparatively small blockchain venture that permits builders to construct ETH staking purposes. Some of these purposes are staking swimming pools, staking companies, and solo stakers. Some of the highest tasks constructing on SSV’s infrastructure are Stader, Ankr, Swell Network, and Blockscape amongst others.
SSV Network price has jumped sharply up to now few weeks as traders await the upcoming Ethereum merge occasion. Merge is a vital course of that can transition Ethereum from a proof-of-work (PoW) to a proof-of-stake (PoS) platform.
As a end result, Ethereum will grow to be a considerably quick and cost-effective blockchain platform. Transactions per second (TPS) will rise from about 20 to over 1,000. At the identical time, the typical transaction value will drop to only cents. This transition additionally explains why ETH price has jumped sharply up to now few days.
SSV price has additionally risen due to the rising adoption of the platform. Some of the highest corporations which have partnered with the community are Coinbase Ventures, Delight Labs, Everstake, and Huobi Pool amongst others.
SSV Network price prediction
The each day chart reveals that the SSV Network price has been in a robust bullish pattern up to now few months. The uptrend began when the coin dropped to a low of $3.67 on June 18. As it rose, it managed to maneuver above the necessary resistance degree at $5.50, which was the bottom degree on June twenty second.
The coin has managed to maneuver above the 25-day and 50-day shifting averages. It additionally rose above the 61.8% Fibonacci Retracement degree. The Relative Strength Index (RSI) has rallied above the impartial degree of fifty.
Therefore, the coin will possible proceed rising as bulls goal the subsequent key resistance degree at $20. A transfer under the assist at $11 will invalidate the bullish view.
