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Siacoin Hard Fork Supported by Binance, Will the SC Price Hit $1?

Highlights

    Siacoin’s blockchain network will be updated where-in new Siacoin(SC) will be issued.

    Binance has extended support to the hard fork without suspending the SC trade

    With the new up-gradation, SC price is expected to surge to new highs

Siacoin’s Hard Fork to be launched Soon

The Sia network is implementing a hard fork, Sia Foundation which is a non-profit entity aiming to build and support distributed cloud storage platform focusing on the Sia network. The new version 1.5.4 has been released and will be implemented at a block height of 298,000 as mentioned in the official announcement

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One of the popular cryptocurrency exchanges, Binance has rolled out an statement mentioning their support for the Siacoin network upgrade and hard Fork. The announcement also said that the deposit and withdrawal will be suspended for a while, however, the trading remains unaffected.

The platform has also announced that, it will take care of all the technical requirements of all the SiaCoins already held by the platform customers. The deposit and withdrawal will be resumed once the upgraded network is stable. 

Siacoin Price Analysis

The SC price rally initiated by the end of January 2021, with a healthy gain of more than 150%. The price rose from trending around $0.004548 to $0.0100 manifesting the desire to surge more towards a new high.

siacoin price

However, a slight pullback crushed the price from the highest levels to as low as 0.00606 and the SC price was waiting for a major push. And as a result, the price jumped yet again to hit the levels close to the highs at $0.009428. 

At the time of writing, the SC price is $0.00932884 with a jump of nearly 23.57 % which is massive. 

Technical specifications

  • The resistance levels are formed at $0.01
  • The support levels reformed at $0.00688
  • The indicators point out a ‘buy’ signal.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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