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 time above $0.10, that was more than five years ago and holders will be hoping it can get to more than one cent for the first time in more than a year.
Recently, the platform started work on a new user interface, called Renterd. The system has been active, issuing a number of grants to programs on the network.
CCN reached out to Sia for commentary, but did not receive a reply at the time of publishing.
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 August 3 2023.
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.”
Blockchain analytics company Messari recently released its quarterly report on Sia . It highlighted that the platform had issued grants of $260,000 over the quarter. The report also outlined some key advantages and disadvantages of the blockchain.
Messari said that between April and June 2023, Sia had
Messari said that Sia
Messari also said that Sia
With Messari’s report being broadly positive about Sia, what does this mean about the SC price prediction?
First, though, let’s talk about what Sia actually is.
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.
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 be buy, sell and trade Sia on exchanges.
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 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%.
So far, 2023 has been a bit better for SC. The coin reached a high of $0.006482 on 8 February. It did fall after that, though, and the worst came on 15 June. As the market suffered in the wake of the United States Securities and Exchange Commission announcing that it was taking legal action against the Binance and Coinbase exchanges, it dropped to a low of $0.00254.
SC rallied to $0.003787 on July 3.
Since then, though, it has dropped somewhat. On August 3 2023, SC was worth about $0.003334.
At that time, there were 54.6 billion SC in circulation out of a total supply of 54.7 billion. This gave the coin a market cap of about $182 million, making it the 146th largest crypto by that metric.
SC has been up and down over the last couple of months. Its current price is down 10% over the course of a month. However, it is up more than 30% from June’s low. Perhaps more importantly, it has risen by almost 50% since the start of the year.
Sia spent about a month between between $0.05 and $0.075. On July 12, according the KuCoin exchange, it shot to around $0.135.
It declined after, but its current price sees it around the place where the highs and lows trend lines meet on the above chart.
It now looks like SC should move outside the triangle formed by the trend lines – but in which direction?
On one hand, it could be argued that its drop between July 12 and 23 was the start of a downward trend. Although there was a bit of a revival in late July, it fell again. If we believe that price movements come in five waves, we would be in the third wave of a downturn.
This could see SIA drop to as low as $0.034.
On the other hand, it might be that the price spike of early to mid July was a freak occurrence. This would mean that we are actually in a bullish cycle, which could see the price of SIA rise to as high as $0.30.
With that all out of the way, let’s take a look at some of the Sia price predictions that were being made as of 21 July 2023.
It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong. Also, keep in mind that many longer-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice.
First, CoinCodex had a short-term Sia price prediction which said that the coin would rise to $0.00359 by August 7 before dropping to $0.003351 by September 1. The site’s technical analysis was highly bearish, with 24 indicators making discouraging signals compared to just seven making bullish ones.
Looking at other Sia price predictions for 2023, DigitalCoinPrice said SC would reach $0.00644, while PricePrediction.net had it worth $0.004. Meanwhile, CaptainAltCoin thought it would drop to $0.0022 in October and close the year at $0.0028.
When it came to a Sia price prediction for 2025, CaptainAltCoin thought the coin would get to $0.0139 then, with PricePrediction.net suggesting it could be worth $0.008 and DigitalCoinPrice arguing for SC to trade at $0.0116 in two years time.
Moving on to a more long-term Sia price prediction for 2030, PricePrediction.net said the coin would reach $0.052, while CaptainAltCoin argued for a price of $0.0347. DigitalCoinPrice had an SC price prediction which said the crypto would reach $0.0337 at the start of the next decade.
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.
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.
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.
On 21 July, there were 54.6 billion SC in circulation out of a total supply of 54.7 billion.
It might do. Both CaptainAltCoin and DigitalCoinPrice says it will break past the cent in 2025. PricePrediction.net forecasts it to happen in 2026.
Keep in mind that, although SC has traded above $0.01 before, it has not done so since April 2022.
The SC cryptocurrency pays for transactions on the Sia blockchain.
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.