SSV Network price continued its bullish comeback during the weekend as investors waited for the upcoming network upgrade. The token jumped to a high of $14, which was close to August’s high of near $20. This price is about 300% above the lowest level this year.
What is SSV Network and why is it rising?
SSV Network is a relatively small but fast-growing blockchain project that provides infrastructure for splitting and running validators between different node operators. According to the developers, its goal is to decentralize the network security further and make Ethereum more scalable. It mainly focuses on staking products like Lido.
SSV Network uses the Secret Shared Validator technology to encrypt and then split a validator key into 4 KeyShares among non-trusting nodes. As such, it has three key players in its ecosystem: stakers, operators, and DAO Members. Stakers lock their ETH for a period while operators manage the validators while DAO members govern the network.
The SSV Network price is soaring as the developers continue building the upcoming upgrade for the platform. This week, they ran the Shifu testnet that has several features. For example, it added more smart contract functionality and improved subnets. It also has features on token integration, fee payment, and validator and operator management.
As part of this upgrade, the SSV token will have more role and not just for governance purposes. For example, it will facilitate payments between stakers and operators for running their validators on Ethereum’s Beacon Chain. Also, it introduced fees and account balances to the network in a bid to incentivize users.
SSV Network price prediction
The daily chart shows that the SSV price has been in a strong bullish trend in the past few weeks. As a result, it has managed to move above key resistance levels at $11 and $10. It also rallied above the 50% and 61.8% Fibonacci Retracement levels.
SSV has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the neutral point. Therefore, there is a likelihood that the SSV Network price will continue rising as buyers target the next key resistance at $25. A drop below $11 will invalidate this bullish view.