Siacoin Price Prediction 2023: Market Analysis and Opinions

Sia is a blockchain-powered decentralized cloud storage platform that allows users to store their data anywhere by utilizing free hard drive space. Siacoin (SC) is the native token of the Sia blockchain network. This cryptocurrency is intended to be used to pay for cloud storage services. 

Anyone who possesses a specific quantity of SC can rent out extra hard drive space from Sia hosts. This is possible thanks to “file contracts,” a type of smart contract stored on the Sia blockchain.

The distributed nature of the Sia network makes it possible to optimize its readability, security, network bandwidth, and reduced response times. Additionally, any user can rent out their storage space, reducing information storage costs. 

The low entry threshold is what makes Sia very attractive to ordinary users. Any users that can provide a data storage space can receive rewards.

Siacoin Price Prediction | Introduction

Unlike other new cryptocurrencies, the Sia team decided not to hold an ICO. Instead, Sia was born when its genesis block was mined. This is incredibly uncommon in the cryptocurrency industry.

However, this appears to be working well for Sia so far. 

The Sia team raised over $1.25 million in fundraising without an ICO thanks to major investors such as Fenbushi, Raptor Group,  Capital, and Procyon Ventures, as well as angel investors such as Xiaolai Li.

At the time of writing, the price of SC was $0.003258, with a market cap of $170,939,960 and a 24h volume of $4,659,801, according to CoinMarketCap. 

Siacoin Price Prediction: Technical Analysis

Siacoin has a significant potential to overcome the inadequacies of the centralized system due to various features, including a user-friendly interface. It may get to the top of the cloud storage rankings. 

Since January 2021, the public’s perception of SC currencies has shifted. On April 17, 2021, the price reached $0.053 per Siacoin. However, the coin’s value plummeted shortly afterward.

Later, Siacoin sent a bearish signal, which it maintained until it reached its critical support level at $0.0096 per SC. Following this support level, the coin price accelerated, and it crossed its immediate resistance level of $0.025. However, the SC coin was rejected once more and plummeted to $0.013. Since then, the price of Siacoin has been fluctuating.

Below is a summary of Siacoin’s price in the last six months, according to CoinMarketCap.

The source of the historical data can be found here. 

Siacoin Price Prediction: Market Opinions

According to AmbCrypto, Siacoin has many growth opportunities expected for 2023. Experts believe that the price of SC will shortly reach an average price of $0.025. Furthermore, Siacoin will reach its highest price of $0.034 in December 2023. 

PricePrediction.net predicts that the Siacoin price will reach $0.007 by December 2023. TradingBeasts predicts a significant increase for Siacoin, expecting that the price will reach $0.0074216 at that time. 

Siacoin Price Forecast for November – December

According to TradingBeasts, SC will reach $0.0047393 by the beginning of December 2022, with a maximum price of $0.0059241 and a minimum of $0.0040284. 

Siacoin Price Forecast for 2023

According to Cryptonewsz.com, judging by shorter and longer price patterns, Siacoin’s first half of 2023 may not be that promising. Nonetheless, it is expected that Sia will enlarge its user base in the crypto market during this period, and it will concentrate on its security upgrades. These elements will aid the cryptocurrency in regaining its lost momentum. Users should invest in or hold Siacoin since it may reach $0.016 by the end of 2023. 

Meanwhile, Coinjournal.net seems to be more optimistic about the future of the coin. According to their forecast, SC might be valued at $0.048 in 2023. 

Cryptocurrency Experts and Influencers 

Changelly.com predicts that Siacoin will reach a minimum price of $0.0049995 and a maximum price of $0.0069993 in 2023. 

However,  Ambcrypto.com seems to have a contrary opinion, predicting that the coin will range between $0.023 to $0.027, with an average price of approximately $0.025 in January 2023. They predict that the coin will be priced between $0.03 to $0.034, with an average price of $0.032 by the end of the year.

Latest News about Siacoin

According to an article published by Inside Bitcoins, Skynet Labs, the company that created Siacoin, announced plans to shut its doors amid the crypto winter. This move was motivated by the recent failure to secure additional funding. Skynet Labs made this announcement through a blog post. In 2020, the company received $3 million in a round of funding led by the Paradigm crypto investment firm.

FAQs

What Is Siacoin?

Siacoin is a cryptocurrency that is based on the Sia network, which is a decentralized cloud storage system. 

How to Buy Siacoin?

SC is now available for purchase on the industry’s top cryptocurrency exchanges, including Binance, UpBit, Huobi Global, and OKX. 

What Is Siacoin Used For?

Siacoin is the Sia network’s currency. Renters pay hosts in Siacoin to use their hard drive space, and hosts get compensated only after demonstrating that they are storing the file in question. 

Siacoin Price Prediction: Verdict

From most of the predictions, we can say that there is a bright future for Siacoin. Given favorable market conditions and positive collaborations, the coin is expected to rally ahead and achieve new highs in 2023. 

* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.