The SSV network price prediction defies gravity. Is it a purchase?

SSV Network price has defied gravity over the past few weeks, even as other cryptocurrencies retreated. The price of the token hit a high of $17.50, the highest level since April 20. It jumped more than 276% above July’s low, bringing its total market capitalization to around $103 million.

What is SSV and why is it increasing?

SSV Network is a relatively small blockchain project that allows developers to create ETH staking applications. Some of these apps are staking pools, staking services, and solo staking. Some of the major projects relying on SSV’s infrastructure are Stader, Ankr, Swell Network, and Blockscape, among others.

The price of the SSV network has surged strongly over the past few weeks as investors await the next Ethereum merger event. The merger is an important process that will move Ethereum from a proof-of-work (PoW) platform to a proof-of-stake (PoS) platform.

As a result, Ethereum will become a considerably fast and profitable blockchain platform. Transactions per second (TPS) will increase from around 20 to over 1,000. At the same time, the average transaction cost will drop to pennies. This transition also explains why the price of ETH has surged strongly in recent days.

The price of SSV has also increased due to the growing adoption of the platform. Some of the major companies that have partnered with the network are Coinbase Ventures, Delight Labs, Everstake, and Huobi Pool, among others.

SSV network price forecast

The daily chart shows that the price of the SSV network has been on a strong uptrend over the past few months. The uptrend started when the coin fell to a low of $3.67 on June 18. As it moved higher, it managed to break above the important resistance level at $5.50, which was the lowest level on June 22.

The coin managed to break above the 25- and 50-day moving averages. It also broke above the 61.8% Fibonacci retracement level. The Relative Strength Index (RSI) broke above the neutral level of 50.

Therefore, the coin is likely to continue rising as the bulls target the next key resistance level at $20. A move below the support at $11 will invalidate the bullish view.