- Waves price has rallied sharply in the past few weeks.
- Investors are cheering the upcoming network upgrade.
The Waves price has defied gravity in the past few days as investors cheer the network’s growth and the ongoing transformation. It is trading at $18.80, which is the highest it has been since December last year. The coin’s price has jumped by more than 145% from its lowest level this year.
Why Waves has risen
There are several reasons why the Waves price has jumped. The most important is the fact that the network is in a transformation process.
In a recent announcement, the developers announced the plan to move from Waves 1.0 to Waves 2.0. The goal will be to increase the already fast speeds of thousands of transactions per second (tps) and make it more adaptable.
The upgrade will have several key features. First, the network will move to a Practical Proof-of-Stake Sharding (PPOSS) network. This means that the network will slice blocks into small pieces known as shards and then boost its speeds.
Waves will also become Ethereum Virtual Machine (EVM) compatible. It will also introduce the Open Collective Decentralised Autonomous Organisation (DAO) framework and bring cross-chain bridges. The goal is to make it the perfect platform for blockchain developers.
The other main reason why the Waves price is rising is that Neutrino has announced plans for its network growth. Neutrino is the biggest platform in the Waves protocol. In a statement, the developers announced that the protocol will undergo a number of changes in order to achieve full-scale decentralization. The first step will be to change the mechanics of NSBT and swap operations.
Meanwhile, the Waves price has risen because of the improving ecosystem. While most platforms have seen a slowdown, the total value locked in Waves has risen by 50% in the past 7 days to more than $1.7 billion.
Waves price prediction
The four-hour chart shows that the Waves price has been in a strong bullish trend lately. The coin’s price has jumped to a multi-month high and moved upwards by over 140% from its lowest level this year. It has moved above the 25-day and 50-day moving averages. However, a closer look shows that the coin has found some resistance at the current range.
Therefore, there is a likelihood that the Waves token will remain in the current range in the near term. A more bullish comeback will be confirmed if the coin manages to move above the year-to-date high of $21.
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