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Saturday, May 28, 2022

What Is Siacoin (SC) Crypto and Is It a Good Investment?

Siacoin (SC) also dubbed as “the Airbnb of hard drives” is a cloud storage platform. The decentralized block chain works by splitting, encrypting, and then storing user data. The network also allows users to rent out unused space on their hard disks. The decentralized and low-cost storage solution is set out to compete with some big names in the industry but the unique mechanism of the network sets it apart from others.

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Unlike traditional cloud storage companies, users’ data is completely secure with Siacoin as files are broken down and stored in multiple location with only the user having the access keys. Even Siacoin itself does not have access to users’ data. Siacoin also gives price autonomy to hosts which results in lower and competitive pricing. The transactions on the platform occur through the native cryptocurrency, Siacoin (SC).

Recent developments

Siacoin was operating at a price level of $0.0033 in December. The cryptocurrency picked up the pace in the new year during the bull run and is now trading hands at $0.023 apiece. The 24-hou price increased by 17% while the daily trading volume also rose by 22%. Siacoin crypto is ranked 79 in the market with a market capitalization of $1,100,556,565 which also observed a positive change of around 20%.

The startup behind Siacoin, Skynet Labs, entered into a partnership with Streambed with the common cause of giving content creators ownerships of their content. The content uploaded on Streambed will be stored through Sia. Siacoin also tweeted about a big announcement coming soon for TikTok artists.

Technical analysis

A trader has identified a possibly trajectory for Siacoin crypto in his Siacoin price prediction. Per the trader, the technical of the coin are indicating towards long-term bullish momentum with contained short-term fluctuations and rebounds. The trader has set a price target of $0.65 for Siacoin to be achieved by 2022. Siacoin also has various Fibonacci levels established as strong support.

The market sentiment for Siacoin is bullish as the technical indicators are giving out a signal of buy. Out of the total technical indicators, oscillators are mainly neutral while Moving Averages are giving out a strong bullish indication.

Price Prediction

Digital Coin Price is extremely bullish on Siacoin – especially in the long run. Their projections estimate that Siacoin will have a price level of $0.1 by 2028. On the other hand, Wallet Investor is not optimistic for the coin in the short run and predicts a drop in value to $0.01 in a year’s time.

Siacoin has been one of the cryptocurrencies that showed phenomenal growth in the recent bull run. The innovative solution that Sia presents to storage problems holds potential and as the world moves towards digitization there will be an increase in storage solutions like Sia’s. On top of that, the foundation has also been garnering attention because of its recent activity in the market. Siacoin can be a good investment provided that you believe in the technology and the potential of Sia.

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Muskan Naveed
Muskan is an economist-in-the-making with a knack for writing. What started off as a hobby has now turned into a possible career path. She specialises in fin-tech but would never say no to writing.

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