Analysis of Flow Blockchain's FLOW Token Performance and Crescendo Testnet Launch
Flow Blockchain's native token, FLOW, has emerged as a standout performer among the top 100 cryptocurrencies by market capitalization. Despite the somewhat sluggish market conditions, FLOW has proven its resilience. At the time of writing, FLOW is valued at $0.6942, showing a 2.60% increase in the last 24 hours and boasting a daily trading volume of $45.06 million, indicating a remarkable surge of over 50%.
Analyst's Projection on FLOW Token's Immediate Surge
ZAYK Charts, a crypto analyst, recently released an assessment highlighting the possible short-term spike in FLOW's value on the 12-hour timeframe chart. The analysis emphasizes that FLOW's price has broken out of a Descending Channel pattern, hinting at a potential rise beyond the $1.10 mark, which could translate to a growth of over 70% based on the current price.
The network proposed full Ethereum Virtual Machine (EVM) equivalence last October to enhance the composability and interoperability between Ethereum dApps and the Flow ecosystem. This advancement allows Ethereum dApps to function on Flow without the need for code adjustments, thereby expanding developer capabilities and reach. Subsequently, investors have started acknowledging the network's native cryptocurrency, leading to a significant uptick in FLOW from its multi-year lows.
Flow has also announced the launch of the Crescendo Testnet on August 14th, aiming to provide a fully equivalent EVM environment. This move is expected to attract more developers to engage with the Flow platform by leveraging the unique offerings of both ecosystems.
Competitors' Advancements
CNF recently highlighted the impressive progress of the Sui Network driven by the escalating demand for Web3 smart contracts. SUI's price surged by over 62% in the past month, nearing $1.8. The notable growth in Total Value Locked (TVL) reaching approximately $584 million and the generation of over $310 million from Ethereum Web3 protocols are significant achievements.
Furthermore, Gamestarter's collaboration with Avalanche to develop the innovative Gamechain product on the Avalanche blockchain has been announced. Avalanche, a rival of Flow Blockchain, has been striving to strengthen its position post the 2022 market decline.
