SSV Price Prediction: SSV Network Rises 27% to $44. Can it Maintain the Bull Run?

The price of SSV has risen 27% since the start of 2023. At press time, the price of SSV is trading above the 200-day moving average in a relatively strong bullish move. Can it sustain the bullish move, or is it another bull trap? Let’s find out in this SSV price prediction.

SSV Price Rises as a Whale and Smartmoney Increases Holdings 

Earlier, there was a significant 16% increase in the price of SSV. This surge in price coincides with the news that a whale and a SmartMoney investor have increased their holdings in SSV.

1/ The price of $SSV rises 16% today.

We noticed that a whale and a SmartMoney increased their $SSV holdings.

Share them with you.👇 pic.twitter.com/MQ6TbaR53n

— Lookonchain (@lookonchain) February 26, 2023

Data from etherscan.io shows that on January 11 and January 31, the entity “Whale” with address “0x8618” received 75,000 units of the cryptocurrency SSV, which amounts to $3.25 million, from the digital asset exchange Binance. The average price at which the whale received the SSV was $15.1. At press time, the Whale generated almost $2 million in profit from the SSV received from Binance.

On the other hand, data also shows that on July 7 and December 16, 2022, Binance sent 27,878 SSV to the address “0xbCA5,” belonging to the Smartmoney investor. The average price at which SmartMoney received the tokens was $8.6. 

4/ The SmartMoney received 24,001 $SSV from #Binance again on Feb 7 and Feb 13, the average receiving price is $27.8.https://t.co/wKiRO3WLyC

— Lookonchain (@lookonchain) February 26, 2023

Later, when the SSV rose to $16, the Whale sold the same amount of tokens (27,878) back to Binance, making a profit of $240K. SmartMoney received an additional 24,001 SSV from Binance on February 7 and 13. The average price at which they received the tokens was $27.8.

SSV Market Price Analysis 

SSV Network (SSV) has experienced a significant surge in its price, with a 15.50% increase in the last 24 hours and a 27.00% increase over the past 7 days. As of the time of writing, SSV is trading at $44.61, and its 24-hour trading volume has reached $50,190,931.

With a circulating supply of 7.1 million SSV, the network’s market capitalization has now reached $317,368,572. This surge in value is a testament to the growing popularity of SSV Network among investors and traders. Additionally, the price of SSV has been consolidated since mid-year 2022 and only started surging in January 2023 from its all-time low of $3.67 to its current ATH of $45, achieved on February 26, 2023.

The SSV Network is a decentralized platform that aims to bring transparency and security to various industries, including finance, supply chain management, and logistics. Its innovative technology uses blockchain and smart contract protocols to enable secure and verifiable data sharing across different parties.

SSV Technical Analysis: Sustaining The Bull Rally 

The price of SSV is in a long consolidation that has lasted since mid-year 2022. The price has been trading along the moving averages, indicating neither the bulls nor the bears were aggressive enough to push the prices in either direction.

The 200-day and 50-day moving averages indicate a crossover at the beginning of 2023, prompting the price to rise above the moving averages. This is the same time when the whale invests heavily in the token. 

At press time, the 50-day moving average is trading at $24 and is expected to reach $35 by the end of March, similar to the 200-day SMA trading at $15. Furthermore, the Relative Strength Index (RSI) trades above the 50-level mark and the 70 mark. This is a clear signal of a strong bullish move taking place in the price of the SSV token.

The SSV price might continue to rise, but it will not sustain itself if more investors do not invest in the token. If this scenario plays out, our prediction on the higher side will be $55 by the end of Q1. On the lower side, we predict prices to fall back to their short-term support level of $32.

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