Key Takeaways
- Siacoin is a storage blockchain, and SC is its native coin.
- SC has struggled over the last year or so but has started on a positive note in 2024.
- One price prediction says Siacoin may reach $0.0133 next year.
Sia is one of the oldest storage blockchains out there, having been created in 2014 and fully released the following year.
Although its native SC coin has enjoyed some around $0.10, that was more than five years ago, and holders will be hoping it can reach more than two cents for the first time in more than three years.
Last year, the platform started working on a new user interface called Renterd. The system has been active, issuing several grants to programs on the network.
Sia did not respond to a request for comment.
Let’s look at our Siacoin price predictions, made on July 30, 2024. We will also examine the Siacoin price history and talk a little about what Siacoin is and what it does.
Siacoin Price Prediction
Let’s examine some of the Siacoin price predictions CCN made on July 30, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate.
| Minimum SC Price Prediction | Average SC Price Prediction | Maximum SC Price Prediction | |
|---|---|---|---|
| 2024 | $0.00469 | $0.0104 | $0.0115 |
| 2025 | $0.0113 | $0.0126 | $0.0133 |
| 2030 | $0.0356 | $0.0389 | $0.0392 |
Siacoin Price Prediction for 2024
If the positive momentum continues and SC breaks above its moving averages, it could reach targets between $0.00469 and $0.0115 by the end of 2024, with the average price set at $0.0104.
Siacoin Price Prediction for 2025
Technical analysis suggests a potential increase for Siacoin in 2025. The minimum SC price expected for 2025 is $0.0113, while the maximum one is $0.0133. On the other hand, the average forecast suggests it may reach $0.0126.
Siacoin Price Prediction for 2030
Based on technical analysis, the SC token may reach a maximum level of $0.0392 at the beginning of the next decade, while, in the worst scenario, it may go to $0.0356. Meanwhile, the average expected price is $0.0389.
Siacoin Price Analysis
Siacoin has broken through the ceiling of its medium to long-term falling trend, suggesting a slowdown in the rate of decline. However, the absence of support in the price chart indicates the potential for further drops.
If there is a positive reaction, the currency faces resistance at $0.01. On a positive note, a favorable volume balance will strengthen Siacoin in the short term.
Short-Term Siacoin Price Prediction
Siacoin price prediction sees the price of SC rising by 1% in the next 24 hours and increasing by 0.7% in the next month, reaching $0.005418 by August 29, 2024.
Technical indicators currently show a neutral sentiment, while the Fear & Greed Index indicates a level of 67, suggesting greed. Over the past 30 days, Siacoin has had 16 out of 30 green days (53%) with a price volatility of 9.56%. Based on this forecast, it is currently a good time to buy Siacoin.
Siacoin Relative Strength Index (RSI): Is SC Oversold or Undersold?
Siacoin Price Performance Comparisons
How Do We Make a Siacoin Price Prediction?
Our price prediction for Siacoin combines technical analysis tools and recognizes the logic in price cycles. We usually use the Relative Strength Index, Fibonacci, and other main technical analysis tools. Applied to the Siacoin-specific time-frames and its price history, we can come up with the targets, but the further we project, the less accurate they are. This is because they depend on what happens in between.
Best Days and Months to Buy Siacoin
We examined the Siacoin price history and found the lowest points on certain days, months, quarters, and even weeks in the year, suggesting the best times to buy SIA.
| Day of the Week | Friday |
| Week | 21 |
| Month | May |
| Quarter | Second |
Siacoin Price History
Following that, let’s examine some of the key dates in the Siacoin price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can give us some very useful context when making or interpreting a Siacoin price prediction.
| Time period | Siacoin price |
|---|---|
| Last week (July 23, 2024) | $0.005224 |
| Last month (June 30, 2024) | $0.004537 |
| Three months ago (April 30, 2024) | $0.007318 |
| Last year (July 30, 2024) | $0.00345 |
| Launch price (August 27, 2015) | $0.0004069 |
| All-time high (January 10, 2018) | $0.07713 |
| All-time low (August 27, 2015 | $0.0004069 |
Siacoin Market Cap
The market capitalization, or market cap, is the sum of the total number of SC in circulation multiplied by its price. On July 30, 2024, Siacoin’s market cap was $306.3 million, making it the 170th largest crypto by that metric.
Siacoin Supply and Distribution
| Supply and distribution | Figures |
|---|---|
| Total supply | 57,769,755,000 |
| Circulating supply (as of July 30, 2024) | 57,740,361,723 (99% of total supply) |
From the Whitepaper
In its technical documentation or whitepaper , Sia says it is designed to serve as an online storage space supported by the blockchain.
The document, published in 2014, says: “Instead of renting storage from a centralized provider, peers on Sia rent storage from each other. Sia stores only the storage contracts formed between parties, defining the terms of their arrangement.”
Sia (SC) Explained
One of the key ideas behind blockchain technology is decentralization. Since the principle of not being subject to a central authority does not have to apply only to finance, other things can be decentralized.
Sia is a blockchain designed to decentralize online data storage. If we imagine something like Dropbox, only on the blockchain, then we are not too far off what Sia is.
The platform, founded in 2014 by computer scientists David Vorick and Luke Champine and launched in 2015, is designed to keep people’s files safe and secure and aims to do so cheaply.
Sia is supported by its native token, technically called Siacoin but often just called Sia – think of it as the same thing as Ethereum and Ether – and referred to by its ticker handle SC.
How Sia Works
The Sia blockchain uses a Proof-of-Work (PoW) consensus mechanism, which means that people verify transactions and add blocks to the blockchain by solving increasingly complex mathematical equations.
The platform itself matches data hosts with data users in a peer-to-peer network. The system divides files into 30 parts and then encrypts them for security.
SC pays for transactions on the network. People can also buy, sell, and trade Sia on exchanges.
Is Sia a Good Investment?
It is hard to say. SC has had a tough 18 months or so. Since April last year, it has not traded above the psychologically important cent mark.
Also, with the coin being one of many cryptos that reached an all-time high in January 2018, it might be tempting to say that its best days are behind it.
On the other hand, Sia is a long-serving blockchain that has managed to maintain at least some interest. We will have to see what it can do to lift itself out of the state of being one of cryptocurrency’s also-rans.
Perhaps the new Renterd application can help drive people to the site and sustain their interest.
As always with crypto, you should do your own research before deciding whether or not to invest in SC.
Will Sia go up or down?
No one can really tell right now. While the Sia crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can and do go down and up.
Should I invest in Sia?
Before you decide whether or not to invest in Sia, you will have to do your own research, not only on SC but also on related coins and tokens such as Filecoin (FIL). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
FAQs
Will Sia reach $1?
It might do, but not soon. Price predictions based on technical analysis don’t expect it to reach that level in this decade.
Keep in mind that SC has never traded above $1 before.
What is Sia used for?
The SC cryptocurrency pays for transactions on the Sia blockchain.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability, and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
