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The SSV Network price has defied gravity in the past few weeks as other cryptocurrencies have rebounded. The token price surged to $17.50, his highest since April 20th. It has risen more than 276% from its July lows to a market cap of around $103 million.
SSV Network is a relatively small blockchain project that allows developers to build ETH staking applications. These applications include staking pools, staking services, solo stakers, and more. Top projects built on SSV’s infrastructure include Stader, Ankr, Swell Network, and Blockscape.
The SSV Network price has surged in the past few weeks as investors wait for the next Ethereum merge event. Merging is an important process in moving Ethereum from a Proof of Work (PoW) to a Proof of Stake (PoS) platform.
As a result, Ethereum becomes a very fast and cost-effective blockchain platform. Transactions per second (TPS) increases from about 20 to over 1,000. At the same time, average transaction costs drop to just a few cents. This change also explains why the ETH price has skyrocketed in recent days.
Due to the increasing adoption of the platform, the price of SSV is also increasing. Top companies partnering with this network include Coinbase Ventures, Delight Labs, Everstake and Huobi Pool.
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 dropped to a low of $3.67 on June 18th. As it rose, it managed to break above the critical resistance level of $5.50, which was the lowest level on June 22nd.
The coin has broken above the 25- and 50-day moving averages. It also crossed the 61.8% Fibonacci retracement level. The Relative Strength Index (RSI) has broken above the 50 neutral level.
Therefore, the coin may continue to move higher as the bulls target the next key resistance level of $20. Our bullish view will be invalidated if the $11 support breaks down.
