Can PoS switch help FLR grow?
Key Takeaways
- FLR has dropped significantly since it came out in January, reaching an all-time low on August 18.
- The Flare Network is currently working on becoming a Proof-of-Stake blockchain.
- What’s next for FLR?
- One Flare price prediction says it can reach $0.0478 in 2025.
The Flare coin came out to no little fanfare in early 2023. Since then, though, it has struggled. On August 18, it fell to an all-time low. While there has been a recovery since then, it is a long way from where it was when it first came out.
That said, work is underway to turn Flare into a Proof-of-Stake blockchain which should make it quicker, cheaper and more environmentally friendly.
On September 12, the blockchain announced it was launching the second stage of its upgrade. In a website post , it said: “we are about to enter the second phase of Flare’s staking transition. This phase opens validator staking on Flare’s P-Chain to all network participants and merges the role of validation with the provision of decentralized data.”
Flare did not immediately respond to a request for comment.
But what is Flare (FLR)? How does Flare work? Let’s see what we can find out, and also take a look at some of the Flare Price Predictions that were being made as of September 14 2023.
Flare Coin Price Prediction
Let’s examine some of the Flare price predictions being made on August 29 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
| 2023 | 2025 | 2030 | |
|---|---|---|---|
| Prediction #1 | $0.0217 | $0.039 | $0.12 |
| Prediction #2 | $0.018 | $0.035 | $0.24 |
| Prediction #3 | $0.0391 | $0.0478 | $0.0951 |
First, CoinCodex had a short-term Flare price prediction that saw the coin drop to $0.01 by September 19 before climbing up to around $0.01231 by October 14. The site’s technical analysis was highly bearish, with 25 indicators sending discouraging signals and just three making bullish ones.
Flare Price Prediction for 2023
DigitalCoinPrice said that Flare would reach $0.0217 this year, while PricePrediction.net thought it would trade at $0.018. Bitnation ’s Flare price forecast had it hit $0.0167 in 2023.
Flare Price Prediction for 2025
Bitnation said FLR would trade at $0.0391 in 2025. DigitalCoinPrice was just behind, arguing the coin could reach $0.039 that year. PricePrediction.net had FLR trade at $0.035 in two years time.
Flare Price Prediction for 2030
Looking at a more long-term Flare Price Prediction, PricePrediction.net said the coin would stand at $0.24 in 2030. Bitnation said it would get to $0.0951 that year. DigitalCoinPrice’s FLR price prediction said it would get to $0.12 at the start of the next decade.
Recent Updates from Flare
On September 12, Flare announced that it was starting the second stage of its transfer to a Proof-of-Stake protocol.
This move will see people providing their own stakes. FLR holders will also have to stake a minimum of one million Flare and maintain uptime of at least 80% to be considered as validators.
FLR Price History
Now, let’s look at the Flare price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a Flare price prediction.
Flare, originally called Spark, came out in early 2023. On January 10, it was worth $0.0797. This price still serves as the coin’s all-time high, because it dropped soon afterwards. It fell below $0.03 in the middle of March before recovering to $0.04 at the end of the month.
FLR then went on another downturn. Things were made worse in June when the United States Securities and Exchange Commission (SEC) sued the Binance and Coinbase exchanges. This, coupled with Crypto.com (CRO) suspending its US institutional operations, saw the market tank. As a result, Flare dropped to $0.01357 on June 15.
The coin was able to make something of a recovery after this, breaking past $0.017 in late June, but has still struggled. It has not got anywhere near the $0.02 barrier. By August 18, with the market struggling following a combination of Elon Musk’s SpaceX offloading millions of dollars worth of Bitcoin (BTC) and a rise in US Government Bond Yields, FLR dropped to a low of $0.0123.
Flare’s recent performance
Following that, it managed to make something of a recovery and, on August 30, it was worth $0.0142. Early September saw another downturn and it fell to an all-time low of $0.01116 on September 13 2023. It had barely recovered the following day, when it was worth about $0.0112.
At that time, there were 23.4 billion FLR in circulation out of a total supply of just over 100 billion. This gave the token a market cap of around 262.8 million, making it the 99th largest crypto by that metric.
Flare Price Analysis
Flare has been downtrend since it came onto the market in January this year.
Having started off at its all-time high, it soon fell. FLR struggled to remain above $0.04, and declined to 85% lower than its starting price in the middle of June.
After that, it stabilized but fell down again to current levels – but good news could be on its way.
The Relative Strength Index (RSI) technical indicator suggests FLR is oversold. That said, the last time the RSI reached these levels, Flare didn’t make that much of an upturn. This could well happen now, too.
However, we are yet to see any confirmation as to what will happen. If it goes up significantly, it could reach $0.032.
If it goes down, it could drop as low as $0.005.
Is Flare a Good Investment?
It is difficult to tell. There is a theory that you should buy during the dip. With Flare, though, we don’t know how long the dip will last, or where exactly it will recover too. It is certainly a long way from where it started off.
On the other hand, Flare’s developers appear to be pretty proactive, making changes and preparing updates to the blockchain. It remains to be see what, if any, effect these will have.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in FLR.
Will Flare go up or down?
No one can really tell right now. While the Flare 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 as well as up.
Should I invest in Flare?
Before you decide whether or not to invest in Flare, you will have to do your own research, not only on FLR, but on other, related, coins and tokens such as Ethereum (ETH). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
From the Whitepaper
In its technical documentation, or whitepaper , Flare says that it is a blockchain for data.
It adds: “Flare’s aim is to provide data as a public good, meaning that data is not controlled by a centralized entity and is available to all.
“Flare can advance the development of more blockchain use cases where data is important, such as in DeFi, gaming, NFT, music, and social networks.”
Flare (FLR) Explained
The Flare blockchain is designed to work with decentralized data. The system allows developers to work with information from a range of blockchains and other online applications.
Crypto entrepreneurs Hugo Philion, Sean Rowan and Nairi Usher set up Flare in 2020. However, its native coin, originally called Spark, did not come out until early 2023.
The Flare coin, also known by its FLR ticker handle, supports the Flare network.
How Flare Works
Flare is transitioning to a Proof-of-Stake (PoS) consensus mechanism. This means that people will be able to add blocks to the blockchain based on how much FLR they hold.
Flare contains three linked chains. They are
- The P-chain, where staking will take place.
- The C-chain, where the community interacts.
- The X-chain, for monetary transactions. This chain is currently unused.
FLR pays for transactions on the system. People can also wrap their FLR. This means they can lock it into a smart contract, a computer program that automatically executes once certain conditions are met, to create an equivalent token on another blockchain. Wrapped FLR holders can vote on changes to the network.
People can also buy, sell, and trade FLR on crypto exchanges.
FAQs
Will Flare reach $0.10?
It might do, but not for a little while. PricePrediction.net said it would get there in 2028. Meanwhile, DigitalCoinPrice and Bitnation had it break 10 cents in 2030 and 2031 respectively.
Keep in mind that FLR has never traded at $0.10. Its highest ever price was $0.0797, which it reached in January 2023.
What is Flare used for?
FLR pays for transactions on the Flare blockchain. It can be wrapped to give holders a vote in changes to the network. People can also buy, sell, and trade FLR on exchanges.
Further reading
dYdX Price Prediction 2023: What is DYDX?
THORChain Price Prediction 2023: What is THORChain (RUNE)?
Akash Network Price Prediction 2023: What is Akash Network (AKT)?
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 users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
