SSV price has done well in the past few days as staking tokens surge. It jumped to a high of $11.20, the highest level since December 16. The token has surged by more than 20% from the lowest level in December.
What is SSV Network?
SSV Network is an infrastructure platform that provides solutions to other networks that provide liquid staking solutions. For starters, as I wrote on my Lido price prediction, liquid staking is a process that makes it possible for a person to stake cryptocurrencies in a better way.
One of its advantages is that it enables people to stake and access their funds when doing that. Some of the top staking products in the industry are Lido, Anonstake, Blockscape, Huobi Pool, and Spectrum Staking among others.
SSV Network has some of the most important use cases for SSV Network are staking pools, institutional bridges, staking services, solo stakers, and decentralized autonomous organizations (DAOs) among others.
It is unclear why SSV Network price jumped this week. A likely reason is that investors are anticipating more demand for liquid staking processes. Also, there is rising expectation that more Ethereum assets will move to liquid staking platforms. A good example of this is StakeWise, which integrated Liquid Staking Derivatives (LSD) using decentralized validator technology (DVT).
DVT is a new technology that hopes to decentralize Ethereum validators by splitting the validator key into KeyShares, which are then distributed across multiple operator nodes that handle duties of the validator by recreating the validator key. Analysts also expect that SSV will continue gaining market share in its industry.
SSV price prediction
The four-hour chart shows that the SSV Network price has been in a strong bullish trend in the past few months. It has managed to move above the important resistance point at $10, which was the highest point on December 27. The coin has also surged above the 25-day and 50-day moving average while the Relative Strength Index (RSI) has surged above the overbought level. Therefore, the coin will likely pull back in the coming days as sellers aim to retest the support at $10.6.
