Sia Price Prediction 2024: Can SC’s Rise Continue?
What's next for Sia?
Key Takeaways
- Sia 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 $0.0339 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 get to more than two cents for the first time in more than three years.
Last year, the platform started work on a new user interface, called Renterd. The system has been active, issuing several grants to programs on the network.
Sia did not immediately respond to a request for comment.
But what is Sia (SC)? How does Sia work? Let’s see what we can find out, and also take a look at some of the Sia Price Predictions that were being made as of January 23, 2024.
Sia Coin Price Prediction
Let’s examine some of the Sia price predictions being made on January 23, 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. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
| 2024 | 2025 | 2030 | |
|---|---|---|---|
| Prediction #1 | $0.0293 | $0.0339 | $0.0996 |
| Prediction #2 | $0.01682 | $0.02262 | $0.09957 |
| Prediction #3 | $0.0209 | $0.0316 | $0.2412 |
First, CoinCodex made a short-term Sia price prediction which suggested the crypto would reach $0.014300 by January 28 and $0.013464 by February 22. The site’s technical analysis was bullish, with 28 indicators sending bullish signals and four making bearish ones.
Sia Price Prediction for 2024
DigitalCoinPrice said that SC would reach $0.0293 by the end of this year. Traders Union said it would trade at $0.01682 then. PricePrediction.net thought it would reach $0.0209 in 2024.
Sia Price Prediction for 2025
Moving on, DigitalCoinPrice’s Sia price forecast said it would go to $0.0339 in 2025. Traders Union said it would be worth $0.02262 then. PricePrediction.net said SC would trade at $0.0316 next year.
Sia Price Prediction for 2030
Looking at a more long-term Sia price prediction for 2030, DigitalCoinPrice said the coin would rise at $0.0996. Traders Union thought it would be worth $0.09957 then. PricePrediction.net’s SC price prediction had it trade at $0.2412 at the start of the next decade.
Google BardAI Price Prediction for Sia (as of January 23)
Google’s BardAI gave the following Sia price predictions on January 23, 2024. Keep in mind that price predictions are very often wrong and that artificial intelligence should not be fully trusted,
Short-term price prediction (3 months)
- Potential price range: $0.013580 – $0.014784
Reasons:
- The overall performance of the cryptocurrency market: If the cryptocurrency market as a whole experiences a rally, Siacoin is likely to follow suit.
- News and announcements from the Siacoin team: Major announcements, such as new partnerships or integrations, could boost investor confidence and drive up the price of Siacoin.
- Technical developments and upgrades to the Siacoin network: Technological improvements could make Siacoin more efficient and attractive to users, potentially increasing demand for the token.
Medium-term price prediction (6 months)
- Potential price range: $0.012317 – $0.010872
Reasons:
- Adoption of Siacoin by businesses and individuals for decentralized storage: If Siacoin becomes more widely adopted, its price could increase.
- Development of new features and partnerships: If Siacoin continues to develop new features and partnerships, it could attract new users and investors, which could also drive up the price.
- General market conditions: The price of Siacoin could also be affected by broader market conditions, such as the overall performance of the cryptocurrency market.
Long-term price prediction (5 years)
- Potential price range: $0.0129 – $0.0158
Reasons:
- Increased adoption of decentralized storage: Siacoin is a decentralized storage platform that offers a more secure and affordable alternative to traditional cloud storage solutions. As more and more people become aware of the benefits of decentralized storage, I believe that Siacoin could see widespread adoption.
- Development of new applications: The Siacoin team is constantly developing new applications that use the Sia network. These applications could help to increase the demand for SC and drive up the price.
- Increased cryptocurrency adoption: The overall cryptocurrency market is growing rapidly, and Siacoin could benefit from this trend. As more people invest in cryptocurrencies, the demand for SC could also increase.
Recent Updates from Sia
The Sia Foundation has grant funding available for community contributors. The Grants Program was created to fund research, development, developer tools, and anything else that will support and further our mission of user-owned data while enriching the Sia ecosystem.
The company said that December saw one of the biggest meetings in Grants Committee history, with a record seven proposals to review in one sitting. It said: “We were quick enough to review five, which seems to be the sweet spot for giving each grant its due time,” they said. Fortunately, company’s review periods quoted for each grant type allow us to still review our spares even though we missed a meeting due to the holidays
Advantages and Disadvantages of Sia
Blockchain analytics company Messari recently released its latest quarterly report on Sia . It highlighted that the platform had increased its storage utilization over the three months. The report also outlined some key advantages and disadvantages of the blockchain.
Messari said that between July and September 2023, Sia had
- 21,000 average daily active contracts, down from 268,000 year-on-year and 24,000 quarter-on-quarter.
- 293,000 transactions, down from 2.356 million year-on-year and 354,000 quarter-on-quarter.
- Total fees of 9,200 SC, down from 59,100 SC year-on-year and down from 10,800 quarter-on-quarter.
- An average market cap of $163 million, down from $214 million year-on-year and $182 million quarter-on-quarter.
Advantages of Sia
Messari said that Sia
- Was developing a more user-friendly interface.
- Managed to both work well and be relatively cheap to use despite a rise in fees.
- Had a resilient ecosystem.
Disadvantages of Sia
Messari also said that Sia
- Was not the easiest system to use.
- Had some potential problems with third-party interfaces.
- Suffered from a stagnation in user activity.
SC Price History
Let’s now take a look at some of the highlights and lowlights of the Sia price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting a Sia price prediction.
SC first came onto the open market in the summer of 2015, it was worth about $0.00004. It didn’t do too much to worry the scorers for its first couple of years. When the market entered a bubble in late 2017, SC shot up and reached what still stands as an all-time high, $0.1117 on January 6, 2018.
After that, it slipped down as the market entered a so-called crypto winter, and SC dropped back down to around $0.01. It did not do anything too notable until early 2021. At this time, the market boomed and Sia reached a periodic high of about $0.05 in April, following the news that its parent company, Nebulous, was rebranding as Skynet.
While fans of the Terminator movie franchise may have raised an eyebrow, the token dropped below the cent over the summer. It enjoyed something of a purple patch later on in the year, breaking past $0.025 in November before closing 2021 at $0.01518.
While 2021 saw SC make progress, it was pretty much all downhill in 2022, with it finally falling below $0.01 in late April. A series of market crashes saw the coin shaken even further. It closed the year at $0.002258, a year-on-year loss of more than 85%.
Sia in 2023 and 2024
Siacoin started the 2024 on an notable uptrend, reaching $0.1343 on January 23, 2024, its highest level since August 2018.
Sia Price Analysis
SC has been in an uptrend since September 2023. It started at a low of $0.0026 and climbed byaround than 400% by January 23.
The crypto could climb further before falling back down again. However, if it can stay above the $0.0045 mark, then there is no reason why it cannot reach new heights in the long run.
Is Sia a Good Investment?
It is hard to say. SC has had a tough 18 months or so. It has not traded above the psychologically important cent mark since April last year.
Also, with the coin being one of many cryptos which reached an all-time high all the way back 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. It has managed to maintain at least some kind of 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 ever with crypto, you will need to make sure you 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 as well as 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 on other, 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.
From the Whitepaper
In its technical documentation, or whitepaper , Sia says that it is designed to serve as an online storage space, supported by the blockchain.
The document, which was published in 2014, goes on to say: “Instead of renting storage from a centralized provider, peers on Sia rent storage from each other. Sia itself stores only the storage contracts formed between parties, defining the terms of their arrangement.”
Who is the founder of Sia?
Sia was founded by developers David Vorick and Luke Champine in 2013, when the pair were computer science students at the Rensselaer Polytechnic Institute in New York.
Fact Box
| Supply and distribution | Figures |
|---|---|
| Total supply (As of 23 January 2023) | 56,246,625,000 |
| Circulating supply (As of 23 January 2023) | 56,222,420,654 (99.95% of total supply) |
Sia (SC) Explained
One of the key ideas behind blockchain technology is decentralization. Since the principle of things not being subject to a central authority does not have to only apply to finance, it follows that other things can be decentralized.
Sia is a blockchain designed to make online data storage decentralized. If we imagine something like Dropbox, only on the blockchain, then we are not too far off what Sia is.
The platform, which was 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 sort of 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 a series of 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.
Siacoin Attention Tracker
FAQs
Will Sia reach $1?
It might do, but not soon. PricePrediction.net and Traders Union said it may reach that level in 2031.
Keep in mind that, although 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 users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
