The SSV Network price has defied gravity in the past few weeks even as other cryptocurrencies recoil. The token’s price jumped to a high of $17.50, which was the highest level since April 20th. It has jumped by over 276% above the lowest level in July, bringing its total market cap to about $103 million.
What is SSV and why is it rising?
SSV Network is a relatively small blockchain project that enables developers to build ETH staking applications. Some of those applications are staking pools, staking services, and solo stakers. Some of the top projects building on SSV’s infrastructure are Stader, Ankr, Swell Network, and Blockscape among others.
SSV Network price has jumped sharply in the past few weeks as investors wait for the upcoming Ethereum merge event. Merge is an important process that will transition Ethereum from a proof-of-work (PoW) to a proof-of-stake (PoS) platform.
As a result, Ethereum will become a substantially fast and cost-effective blockchain platform. Transactions per second (TPS) will rise from about 20 to over 1,000. At the same time, the average transaction cost will drop to just cents. This transition also explains why ETH price has jumped sharply in the past few days.
SSV price has also risen because of the growing adoption of the platform. Some of the top companies that have partnered with the network are Coinbase Ventures, Delight Labs, Everstake, and Huobi Pool among others.
SSV Network price prediction
The daily chart shows that the SSV Network price has been in a strong bullish trend in the past few months. The uptrend started when the coin dropped to a low of $3.67 on June 18. As it rose, it managed to move above the important resistance level at $5.50, which was the lowest level on June 22nd.
The coin has managed to move above the 25-day and 50-day moving averages. It also rose above the 61.8% Fibonacci Retracement level. The Relative Strength Index (RSI) has rallied above the neutral level of 50.
Therefore, the coin will likely continue rising as bulls target the next key resistance level at $20. A move below the support at $11 will invalidate the bullish view.
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