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Storj Price Prediction 2024: Is STORJ’s Rally Over?

Last Updated November 27, 2023 3:20 PM
Peter Henn
Last Updated November 27, 2023 3:20 PM

Key Takeaways

  • STORJ has performed well in December, but has fallen over the few weeks. 
  • The cloud storage token has recently traded at its highest price since April 2022.
  • Can STORJ continue to climb?
  • One STORJ price prediction says the token can reach $1.80 in 2025. 

The STORJ token shot up in December 2023, reaching its highest price in more than 18 months, before slumping again in January 2024. 

Storj did not immediately respond to a request for comment.

On January 31 2024, Storj was worth about $0.6555.

But what is Storj (STORJ)? How does Storj work? Let’s see what we can find out, and also take a look at some of the Storj Price Predictions that were being made as of January 31 2024.

Storj Price Prediction

Let’s examine some of the Storj price predictions made on January 31 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 $1.31 $1.55 $4.72
Prediction #2 $0.9526 $1.80 $4.50
Prediction #3 $1.03 $1.51 $9.50

First, CoinCodex  had a short-term STORJ price prediction that said the token could reach $0.7095 by February 5 before falling to $0.6505 by March 1. The site’s technical analysis was neutral, with 16 indicators sending bullish signals and 15 making bearish ones. 

Storj Price Prediction for 2024

DigitalCoinPrice  said that STORJ would reach $1.31 this year. CaptainAltCoin  said it would close the year at $0.9526. PricePrediction.net  said the token would trade at $1.03 in 2024.

Storj Price Prediction for 2025

Moving on, DigitalCoinPrice’s STORJ price forecast said the token would trade at $1.55 in 2025. CaptainAltCoin thought it would be worth $1.80. PricePrediction.net said it would stand at $9.50 next year.  

Storj Price Prediction for 2030

Looking at a more long-term STORJ price prediction, DigitalCoinPrice said it would stand at $7.43 in 2030. CaptainAltCoin claimed it would be worth $4.50 then. PricePrediction.net said it would be worth $9.50 at the start of the next decade. 

Google BardAI Price Prediction for Storj (as of January 31)

Google’s BardAI platform gave the following price prediction for Storj on January 31. Please remember that price predictions are very often wrong, and that artificial intelligence should not be trusted. 

Short Term (1-3 months):

  • Prediction: Slight increase to $0.75 – $0.80.
  • Reasons:
    • Positive sentiment in the market indicated by the Fear & Greed Index at 55 (Greed).
    • Recent upward trend with Storj gaining 36% in the past week.
    • Technical indicators suggest potential short-term bullishness.
    • However, overall crypto market uncertainty could lead to fluctuations.

Medium Term (3-12 months):

  • Prediction: Range of $0.55 – $1.00.
  • Reasons:
    • Increased adoption of decentralized storage solutions could boost demand for STORJ.
    • Development of new features and partnerships could drive value.
    • Potential challenges include competition from other decentralized storage projects and broader crypto market conditions.

Long Term (2+ years):

  • Prediction: $1.50 – $5.00, with potential for higher depending on market maturity.
  • Reasons:
    • Growing demand for data storage with increasing global data generation.
    • Storj’s focus on security and privacy could appeal to users concerned about centralized storage solutions.
    • Widespread adoption of blockchain technology and decentralized applications could fuel STORJ’s growth.
    • Uncertainties include regulatory landscape, technological advancements, and overall market acceptance of decentralized storage.

Additional Factors to Consider:

  • The overall health of the cryptocurrency market.
  • Regulatory developments related to cryptocurrencies and decentralized storage.
  • Advancements in blockchain technology and its impact on decentralized storage solutions.
  • Storj’s team execution, partnerships, and future development plans.

It added: “These are just predictions based on current market trends and information. The cryptocurrency market is highly volatile, and any individual prediction can be inaccurate. Always do your own research before making any investment decisions.”

Recent Updates from Storj

The main excitement surrounding Storj in recent months has mainly been about STORJ’s price performance. With a market rising and falling as anticipation about spot Bitcoin exchange-traded funds (ETFs) built, STORJ has had a bumpy ride lately. However,  in November, it launched  its Storj Select cloud storage platform.

Storj CEO Ben Golub said: “Providing our customers with unprecedented data security has always been embedded in the fabric of Storj’s distributed model.

“With Storj Select, we’re now able to offer organizations the opportunity to benefit from our enterprise-grade distributed storage solution in a way that complies with their specific regulatory and security requirements.”

STORJ Price History

Now, let’s examine some of the highlights and lowlights of the Storj 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 Storj price prediction.

STORJ was worth about $0.55 when it came onto the open market in the summer of 2017. The crypto bubble of late 2017 and early 2018 saw it climb above $2.50 in January 2018 but it then fell. On March 13, 2023, it reached an all-time low of $0.04835. 

Things got better in early 2021. The market flourished and STORJ hit an all-time high of $3.95 on March 28 that year. After that, though, it fell and it closed the year at $1.75.

2022 was a bad year for both crypto and STORJ. A series of market crashes, triggered by the collapses of the Terra (LUNA) blockchain and the FTX (FTT) exchange saw it collapse. It closed 2022 at $0.2461, representing a loss of more than 85%. 

Storj in 2023 and 2024

Storj price history
The Storj token has been in the best place it has been in in more than a year recently | Credit: CoinMarketCap

 2023 was a year of ups and downs for STORJ. It rose above $0.45 in February but then went down. The market shock triggered by the United States Securities and Exchange Commission (SEC) suing the Binance and Coinbase exchanges caused STORJ to fall to $0.2162 on June 15. It managed to recover to $0.5712 on July 5 but then fell to $0.2038 on August 17 after a panic caused, at least in part, by Elon Musk’s SpaceX selling millions of dollars worth of Bitcoin (BTC). 

By October 9 it was worth $0.5394. It fell to $0.3484 by October 19 but recovered to $0.4554 by the end of November 7. It then shot up and, on November 10, 2023, it reached a high of $0.9462.

There was a pullback but another rally in December saw it break past the dollar for the first time since April 2022, reaching a high of $1.22 on December 21. It fell again and it closed the year at $0.7001. This represented an annual rise of nearly 185%.

The downturn continued in the new year and, on January 31 2024, STORJ was worth about $0.6555.

At that time, there were about 402 million STORJ in circulation out of a total supply of just under 425 million. This gave the token a market cap of around $263.5 million, making it the 173rd-largest crypto by that metric. 

Storj Price Analysis

Storj Price Analysis
If Storj climbs past $1, it could reach $2.

STORJ has been in a bear market since March 2021, falling by 95% in this bear cycle, reaching a low December 2022. After the momentum slowed, we saw sideways movement above this level, which serves as support

The crypto rose more than 460% from September to December. Although it has fallen since then, its recent activity could be the first two moves in a larger uptrend. 

If this is true, we could now see the start of a new uptrend that can lead STORJ to breakout past $2. Since its January 22 low, the price has already recovered by 45%, which could be an early sign of this starting uptrend. 

But to be more certain that it will rise above $2 we would need to see it break past the resistance level. Considering that this is a moving target, it would depend on when the price does this, but climbing over $1 would confirm this was happening. 

Is Storj a Good Investment?

It is hard to say. STORJ performed well in December but has faltered in 2024 as the market fell.  

On the other hand, Storj is a well-established, professional, platform so, even if STORJ does fall back soon, it has a good base to work from. 

As ever with crypto, you will need to make sure you do your research before deciding whether or not to invest in STORJ.

Will Storj go up or down?

No one can tell right now. While the Storj 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 Storj?

Before you decide whether or not to invest in Storj, you will have to do your research, not only on STORJ, 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.

Who is the Founder of Storj?

Storj was founded by computer programmer Shawn Wilkinson  in 2014.

Who Owns the Most Storj?

As of January 31 2024, one wallet owned nearly 35% of all STORJ.

Richest STORJ Wallet Addresses

On November 27 2023, the five wallets with the most STORJ were

  • 0xcb1c98a7fbf4fde5f27db695434932a580b8d5b3. This wallet held 148,663,753 STORJ, or 34.98% of the supply.
  • 0x087bb0d32c3724ec5d1d722066fc20deee996b43. This wallet held 30,625,000 STORJ, or 7.21% of the supply.
  • 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet, listed as Binance 8, held 30,000,000 STORJ, or 7.06% of the supply.
  • 0x28c6c06298d514db089934071355e5743bf21d60. This wallet, listed as Binance 14, held 14,904,983, or 3.51% of the supply.
  • 0x0f564a2a5fde73349890e86e9b2aa1639994bf2f. This wallet, listed as Storj: MultiSig 1, held 14,901,619 STORJ, or 3.51% of the supply.

Fact box

Supply and distribution Figures
Total Supply 424,999,998
Circulating Supply (as of January 31 2024) 402,127,040 (94.62% of total supply)
Holder distribution Top 10 holders owned 67.23% of supply as of January 31 2024

From the Whitepaper

In its technical documentation, or whitepaper , Storj says that it is innovative and pioneering. It says: “Decentralized storage represents a fundamental shift in the efficiency and economics of large-scale storage. Eliminating central control allows users to store and share data without reliance on a third-party storage provider. Decentralization mitigates the risk of data failures and outages while simultaneously increasing the security and privacy of object storage.”

Storj Explained

Storj  is a platform designed to serve as a decentralized cloud storage platform. It is based on the Ethereum (ETH) blockchain. 

The STORJ token supports the Storj platform.

How Storj Works

Storj splits files into 80 separate pieces which are held on computers, or nodes, on the network. The STORJ token rewards the node operators and people can buy, sell, or trade STORJ on exchanges.

Because STORJ is based on Ethereum, it is a token, not a coin. You might see references to such things as a STORJ coin price prediction, but these are wrong.  

Storj Attention Tracker

Storj Google Search Volume
Storj Google search volume | Credit: Google

Here is a chart showing the Storj Google search volume for the past 90 days. This represents how many times the term “Storj” has been Googled over the previous 90 days.

FAQs 

How many STORJ are there?

On January 31 2024, there were about 402 million STORJ in circulation out of a total supply of just under 425 million.

Will STORJ reach $10?

If it does, it will take a quite a while. DigitalCoinPrice thinks Storj can reach double figures in 2031 and PricePrediction.net says it should break $10 in 2030.

It is important to remember that STORJ has never traded at $10.

What is STORJ used for?

STORJ rewards nodes on the Storj cloud storage platform. People can also buy, sell, and trade it on exchanges.

Further reading

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.

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