Why Has Sovryn (SOV) Surged 167% in 7 Days? Price Still Presents ‘Big Opportunity’ for Bulls
Sovryn (SOV) has seen significant growth over the past week, surging 167% across 7 days. The decentralized finance (DeFi) platform’s token is currently trading at $1.49. According to recent analysis, the price still presents a major opportunity for bullish investors.
Major Protocol Upgrade Drives Adoption
As CoinEx Insight reported today, the Sovryn platform recently announced a major upgrade called the Bitcoin OS protocol. This new protocol integrates roll-up technology into the Bitcoin network by creating a “superlayer” that sits on top of Bitcoin.
Rollups bundle or “roll up” processes transactions off-chain before submitting the bundle to the Bitcoin blockchain. This helps reduce congestion and fees on the main blockchain. The rollup functionality is enabled through the Bitcoin OS superlayer in a way that is “virtually trustless” and has safeguards against fraud built-in.
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Show more +The integration of rollups is a major advancement for bringing scaling, speed, and cost improvements to Bitcoin through Sovryn. The announcement of this Bitcoin OS protocol upgrade appears to be a key driver behind the recent 61.99% price surge for SOV over the past 24 hours.
Consolidation Primed for Breakout
Beyond the protocol upgrade, some analysts see the recent consolidation as setting the stage for significant upside. As Moeloe stated on Twitter, “$SOV is in a consolidation since June 2022 and its looking primed to break out. Interesting level will be $1.00 – 1.25 range if we break this, next step will $4.00 and then +$10.00.”
If SOV can break through the $1-1.25 resistance level, the analyst sees a climb to $4, followed by a test of $10. With the token trading at $1.49 at press time, a successful restest of breakout appears imminent.
Fundamentals Suggest Staying Power
In addition to attractive technical setup, Moeloe also highlighted SOV’s strong fundamentals relative to other altcoins, saying: “The $SOV chart represents a big opportunity. Most of the charts like this one belong to dead or dying projects. Not Sovryn – they have a long runway, working product that people use daily, been shipping new abilities all winter, and just announced a tech that is in the center of this bulls run.”
With a proven track record and product-market fit, Sovryn seems poised to capitalize on the multiple catalysts driving this latest surge. The coming weeks will reveal whether the token can break key resistance levels and deliver on the community’s bullish projections.
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