Sovryn (SOV) Price Prediction – 2023, 2025, 2030
Sovryn (SOV) Overview
|💱 Ticker Symbol||SOV|
|💸 Market Cap||$12,021,066|
|🚀 Trading Volume||$164,678|
|📈 Price Change (24h)||4.68%|
|💰 Current Supply||26,743,081|
- Bullish Sovryn (SOV) price predictions range between $2.02 and $3.82 by 2030.
- Market analysts believe SOV could reach $1.57 by 2025.
- Bearish Sovryn market price prediction for 2023 is $0.359602.
Sovryn (SOV) Introduction
Bitcoin, the first cryptocurrency, is still considered the most valuable cryptocurrency in the market. It also has a market capitalization of more than half of the total trading volume in the industry. Bitcoin’s market dominance is phenomenal as the real world adopts the use of digital currency in businesses and hedge funds. Many top firms like Tesla added Bitcoin to their investment portfolio by enabling Bitcoin payments. BTC’s legitimacy as a medium of exchange is undeniable. It is even considered a better hedge against inflation than Gold.
But despite Bitcoin’s network and popularity, many other tokens, protocols, and platforms have risen in use cases. While many did not last the test of time, as they turned out to be speculative assets, others have proven to be credible in the long term. One formidable alternative is the Ethereum blockchain. This blockchain was founded by Vitalik Buterin and has grown vertically since its launch; and is also considered the home of Decentralized Finance (DeFi). There are claims that Ethereum would possibly surpass Bitcoin in the coming years because of the limiting factors of Bitcoin, which include its utilization of a Turing incomplete programming language that is greatly unsuitable for smart contracts. However, what if Bitcoin and the Ethereum blockchain were made compatible? Combining the advantages of the Bitcoin network such as security, decentralization, and trust with Ethereum’s smart contract efficiency. This DeFi integration is the solution the Sovryn network is developing on Bitcoin’s application layer.
We will discuss the Sovryn (SOV) ecosystem and its unique features. In this Sovryn price prediction forecast system, we will analyze the expected price movements using technical analysis tools like neural average directional index, commodity channel index, support levels, and Action RSI. We will also analyse the price values in the next few years, emphasizing the maximum price level, average trading price, and the minimum price value.
What is Sovryn (SOV)?
Sovryn is a decentralized, permissionless, and non-custodial system based on smart contracts for Bitcoin borrowing, lending, and trading. Sovryn protocol has many prominent features that contribute to the effective operation of the network, like a lending pool where token holders can earn interests on their assets from borrowers and margin traders. This pool functions like the Compound protocol on Ethereum. Another feature is the decentralized spot exchange that allows the network’s users to instantly trade tokens with the lending pool, just like Uniswap, and a token bridge between Binance Smart Chain (BSC), RSK, and Ethereum for cross-chain transactions. Sovryn supports collateralized borrowing from its lending pool, 5x leverage trading that can also be borrowed from the lending pool, USD pegged, and Bitcoin-backed stablecoins that function like DAI stablecoins and fiat off-ramp features. All these features show that Sovryn is offering the three core services that qualify a network as a parallel financial system. Still, the only difference between the Sovryn system and other systems is that Bitcoin is the base asset.
The functionality of Sovryn DAO is based on Rootstock (RSK). RSK is a Bitcoin sidechain that supports smart contracts by connecting to the core Bitcoin blockchain through merge-mining while the miners secure both networks with energy. Using a two-way peg, the platform users can swap their Bitcoin from the BTC network into smart Bitcoin (RBTC) on Rootstock. This feature enables users to take advantage of many Decentralized Applications as they would on the Ethereum network, with Bitcoin’s asset value and security.
Sovryn’s native and governance token, SOV, allows its holders to manage the protocol through voting and staking. Due to decentralization, the Sovryn network functions under the term “Bitocracy ” with the SOV token. SOV token holders also receive rewards from the revenue generated on the protocol. According to the founding team, SOV holders are incentivized to participate and contribute to the network’s development which is different from holding a company share. Since its launch, the token holders have grown massively as more users lock up their SOV assets. From general information, users that gather Sovryn tokens through its various distribution methods have more governance power in the protocol. A user may delegate their autonomous rights to another network address by staking SOV.
Sovryn (SOV) Fundamental Analysis
Sovryn was launched in April 2021 by Edan Yago, the founder of CementDAO, and has grown to become the most feature-rich DeFi platform on the Bitcoin network.
SOV token is an ERC-20 compatible token with a total supply of 100,000,000 SOV tokens. The token can be staked for voting power. A user’s voting right is determined through a quadratic formula that calculates the inputs using the amount and duration of SOV staked. Users who unstake their SOV tokens before the end of the staking period are subjected to an unstaking penalty of over 30% loss.
The allocation of the SOV tokens was 25% to the Founders Fund, 10% to the Development Fund, 5% to the Ecosystem Fund, 14.55% to early Funders and contributors, 2.64% to the Genesis Pre-Order (2.64%), 4.16% to the Programmatic Public Sale and 38.65% to the Adoption Fund.
Sovryn (SOV) Current Price
Sovryn is currently worth $0.449502 USD. SOV has moved 4.68% in the last 24 hours with a trading volume of $164,678. Sovryn is currently ranked 753 amongst all cryptocurrencies with a market capitalization of $12,021,066 USD.
Utilizing the relative strength index (RSI), moving weighted average (MWA), williams fractal (fractal) and moving average convergence divergence (MACD) from the chart above, we can determine price patterns for Sovryn (SOV) to decide wether it is going to have a bullish or bearish year.
Sovryn (SOV) Price Predictions
In this section, we curated the expected Sovryn future price values emphasizing the average forecast price, maximum value, and minimum price value in the following years.
|Year||Minimum Price||Average Price||Maximum Price|
Our price prediction forecasts use real-time Sovryn (SOV) market data and all data is updated live on our website. This allows us to provide dynamic price predictions based on current market activity.
Sovryn (SOV) Price Prediction 2023
Sovryn, according to some, is one of the most amazing cryptocurrencies to rise this year (SOV). The SOV price forecast for 2023 anticipates a significant increase in the year’s second half, possibly reaching $0.674253.
As with other cryptocurrencies, the rise will be gradual, but no considerable drops are expected. Averaging $0.629303 in price is quite ambitious, but it is feasible in the near future given anticipated collaborations and advancements. SOV is expected to have a minimum value of $0.539402.
Sovryn (SOV) Price Prediction 2024
In 2024, Sovryn SOV price prediction has much room for expansion. As a result of the potential announcements of numerous new partnerships and initiatives, we anticipate that the price of SOV will soon surpass $1.12. However, we should wait to see if the SOV’s relative strength index comes out of the oversold zone before placing any bullish bets.
Considering the market volatility, SOV will trade with a minimum trading price of $0.899004 and an average trading price of $0.988904.
Sovryn (SOV) Price Prediction 2025
If the upward trend continues until 2025, it could reach $1.57 and SOV may profit. If the market experiences a decline, the goal may not be met. SOV is expected to trade at an average price of $1.44 and a low of $1.35 in 2025.
Sovryn (SOV) Price Prediction 2026
If Sovryn successfully boosts market sentiment among cryptocurrency enthusiasts, the SOV coin price could remain stable for the next five years.
According to our projections, SOV will be green in 2026. The SOV is expected to reach and surpass its all-time high in 2026. In 2026, the virtual currency will be worth $2.02, with a minimum price of $1.80 and an average price of $1.89.
Sovryn (SOV) Price Prediction 2027
After some extensive forecasting and technical analysis, we estimate the SOV price is expected to cross an average price level of $2.34 by 2027, with a minimum price of $2.25 expected before the end of the year. Furthermore, SOV has a maximum price value of $2.47.
Sovryn (SOV) Price Prediction 2028
Due to the future partnerships that are expected to happen by 2028, we are expecting that a bullish trend will continue, bringing the average price to around $2.79. If SOV manages to break the resistant level in 2028, we could see a maximum price of $2.92, failing to gather the support SOV needs by 2028 could result in a low of $2.70.
Sovryn (SOV) Price Prediction 2029
While SOV is striving towards interoperability between networks to hasten interaction, the bullish trend from the previous year is expected to continue. So the minimum trade price has been placed at $3.15 and a yearly price close above $3.37 in 2029.
Sovryn (SOV) Price Prediction 2030
By 2030, Sovryn will finally surpass its previous ATH values and record new price levels. The minimum price could be $3.60 and potentially reach a maximum price value of $3.82, averaging out at $3.69.
Sovryn (SOV) Price Prediction 2031
The cryptocurrency market is known to be highly volatile which is one of the many reasons why price forecasting is a difficult task. BitcoinWisdom tries our best to forecast future price points with precision, however all predictions should not be taken as financial advice and you should DYOR (do your own research). In 2031, we are expecting cryptocurrency to have gained adoption across many sectors. As such, the maximum SOV price in 2031 is projected to be $4.41 in the event of a bull run, with an average price level of $4.23.
Sovryn’s features have continued to upgrade to suit the market demands since its official release. It has positioned itself as the go-to DeFi protocol native to the Bitcoin network. Also, as more DeFi applications develop on other blockchain protocols, Sovryn will be free to upgrade them as the community decides. However, if Sovryn is introducing DeFi to Bitcoin, do other chains, and blockchain bridges still have a long-term relevance? Bitcoin is still recognized as a tier 1 asset, having the higher potential of garnering global adoption and trust in the blockchain, thereby inducing unparalleled scalability in the cryptocurrency market. However, this is not investment advice but is meant to serve as an informative article, so do your own research before investing.
Premium Sovryn (SOV) Price Predictions
Create your account below to receive exclusive access to a wide range of trading tools such as premium Sovryn price predictions, advanced SOV buy/sell signals and much more.
What is the Sovryn (SOV) price today?
Today, Sovryn (SOV) is trading at $0.449502 with a total market capitalization of $12,021,066.
Is Sovryn a good investment?
Sovryn proved to be one of the most talked about coins in the crypto space this past year. With this in mind, it is wise to say that SOV is a good choice of investment.
How high can Sovryn go?
The average price of Sovryn (SOV) can possibly reach $0.629303 this year. Over the next 5 years, it is projected that Sovryn may surpass $2.92.
How much will Sovryn be worth in 5 years?
Based on the rising popularity of cryptocurrency and Sovryn, a long term investment in SOV could see the price rise to $2.92 within the next 5 years.
How much will Sovryn be worth in 10 years?
If you invest in Sovryn today, as with any investment, a long term increase is expected. The price of SOV could possibly rise to $5.71 within the next 10 years.
What will the Sovryn price be in 2024?
Sovryn (SOV) price is expected to reach $1.12 by 2024.
What will the Sovryn price be in 2025?
Sovryn (SOV) price is expected to reach $1.57 by 2025.
What will the Sovryn price be in 2026?
Sovryn (SOV) price is expected to reach $2.02 by 2026.
What will the Sovryn price be in 2027?
Sovryn (SOV) price is expected to reach $2.47 by 2027.
What will the Sovryn price be in 2028?
Sovryn (SOV) price is expected to reach $2.92 by 2028.
What will the Sovryn price be in 2029?
Sovryn (SOV) price is expected to reach $3.37 by 2029.
What will the Sovryn price be in 2030?
Sovryn (SOV) price is expected to reach $3.82 by 2030.
What will the Sovryn price be in 2031?
Sovryn (SOV) price is expected to reach $4.41 by 2031.