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The SSV Network price has defied gravity previously few weeks even as different cryptocurrencies recoil. The token’s price jumped to a excessive of $17.50, which was the very best degree since April twentieth. It has jumped by over 276% above the bottom degree in July, bringing its complete market cap to about $103 million.

What is SSV and why is it rising?

SSV Network is a comparatively small blockchain undertaking that permits builders to construct ETH staking functions. Some of these functions are staking swimming pools, staking providers, 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 previously few weeks as buyers anticipate the upcoming Ethereum merge occasion. Merge is a vital course of that may 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 previously few days.

SSV price has additionally risen due to the rising adoption of the platform. Some of the highest firms 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 sturdy bullish pattern previously 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 essential 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 seemingly proceed rising as bulls goal the following key resistance degree at $20. A transfer under the help at $11 will invalidate the bullish view.