Siacoin Balloons To 65% in Value On Network Upgrades – Details
23 Februar 2024 - 3:00PM
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Siacoin (SC), the native token of the decentralized cloud storage
platform Sia, has been on a tear in recent months, defying
expectations and leaving investors wondering if the rocket ride can
continue. After reaching a low of $0.0025 in mid-September 2023,
the price skyrocketed a staggering 360% to peak at $0.0130 by
January 24, 2024. While a 30% correction followed, wiping out those
gains, the story didn’t end there. Siacoin defied bearish
predictions, embarking on a new upward trajectory culminating in a
new high of $0.0175 on February 21st, marking over 100% increase
from its January low. Related Reading: Ethereum Bullish Run:
Analyst Eyes $4,500 After ETH Breached $3K SC price up in the daily
and weekly timeframes. Source: Coingecko Unpacking The Surge:
Technical Advancements, Community Optimism So, what’s fueling
Siacoin’s unexpected rise? Several factors contribute to the
narrative. Firstly, the February 2024 update unveiled significant
advancements in the Sia network, focusing on stability,
performance, and user experience. These include the implementation
of RHP4 for the upcoming Utreexo hardfork, aiming to boost
efficiency and scalability. Related Reading: Bitcoin Wallets Bleed:
730K Investors Exit Despite Record $7 Billion ETF Inflows
Additionally, new features like metadata addition and improved
upload processes enhance data management and user interaction. The
Siacoin community, excited about these technical developments, saw
them as a sign of progress and fueled further investment. SCUSD
trading at $0.0147 on the daily chart: TradingView.com However,
it’s important to acknowledge the broader market context. Siacoin’s
price rise coincided with a bullish trend in the cryptocurrency
market, with many digital assets experiencing significant gains.
This suggests that investor sentiment played a significant role in
the token’s upward trajectory. Meanwhile, there has been a
significant rise in short liquidations as a result of the SC token
boom. The volume of shorts liquidations increased to above $40k on
Wednesday, the highest amount in a month, according to data
provided by CoinGlass. Source: Coinglass Charting The Course:
Bullish Breakout Or Bearish Divergence? Technical analysis paints a
somewhat complex picture. While the price broke out of a
long-lasting consolidation zone, potentially signaling the start of
a larger bull cycle, a bearish divergence emerges when comparing
the current rise with the daily Relative Strength Index (RSI). This
discrepancy indicates that the price action might not have enough
momentum to sustain itself in the short term. SC price action in
the last seven days. Source: Coingecko On the other hand, some
analysts see this potential correction as a healthy retracement
after the rapid ascent, retesting broken support levels before
continuing its upward journey. This perspective aligns with the
larger uptrend that began in October 2023, suggesting that a first
bull market correction is underway, paving the way for further
growth later in 2024. Beyond The Numbers: Adoption And Future
Catalysts Looking beyond technical analysis, Siacoin’s future
hinges on its real-world adoption and development roadmap. The
platform boasts a growing user base and partnerships, indicating
increased demand for its decentralized storage solutions. Upcoming
events like the Utreexo hardfork and potential regulatory
developments could also act as significant catalysts, influencing
the price in either direction. Featured image from Tolga
Aslantürk/Pexels, chart from TradingView
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