The price of the SSV network has defied gravity over the past few weeks, even as other cryptocurrencies have retreated. The price of the coin hit a high of $17.50, the highest level since April 20. It has jumped over 276% from its July lows, bringing its total market cap to around $103 million.
What is SSV and why is it increasing?
SSV Network is a relatively small blockchain project that enables developers to build ETH staking applications. Some of these applications are Staking Pools, Staking Services and Solo Stackers. Some of the top projects building on SSV infrastructure include Stader, Ankr, Swell Network, and Blockscape.
The price of the SSV network has risen sharply over the past few weeks as investors await the upcoming Ethereum merge event. The merge is a key process that will transform Ethereum from a proof-of-work (PoW) to a proof-of-stake (PoS) platform.
As a result, Ethereum will become a fairly fast and cost-effective blockchain platform. Transactions per second (TPS) will increase from around 20 to over 1,000. Also, the average transaction cost will come down to just cents. This transition also explains why the price of ETH has jumped sharply over the past few days.
The price of SSV has also increased due to the increasing usage of the platform. Some of the top companies that have partnered with the network include Coinbase Ventures, Delight Labs, Everstack, and Huobi Pool.
SSV Network Price Forecast
The daily chart shows that the SSV network price has been in a strong bullish trend over the past few months. The uptrend started when the coin fell to a low of $3.67 on June 18. As it rose, it managed to move above the crucial resistance at $5.50, which was the lowest level on June 22.
The coin has managed to move above the 25-day and 50-day moving averages. It even climbed above the 61.8% Fibonacci retracement level. The Relative Strength Index (RSI) has climbed above the neutral level of 50.
Therefore, the coin is likely to rise as the bulls target the next major resistance level at $20. A move below the $11 support would invalidate the bullish outlook.