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- Flow Blockchain’s native token, FLOW, has emerged as a top performer among the top 100 cryptocurrencies by market cap.
- The Crescendo Testnet launch on August 14 aims to attract developers with its fully equivalent EVM environment.
Despite a slow market, Flow Blockchain’s native token (FLOW) has been one of the best performers among the top 100 cryptos by market cap. As of the time this article was written, FLOW was trading at $0.6942, up 2.60% over the last 24 hours, with a daily trading volume of $45.06 million, rising more than 50%.
Analyst Predicts Significant Short-Term Rally for FLOW Token
Crypto analyst ZAYK Charts published an analysis of this blockchain coin, stressing the possibility of a short-term positive spike on the 12-hour timeframe chart.
According to the chart he shared, FLOW’s price has broken out of a Descending Channel pattern, indicating that it may rise over the $1.10 mark. Based on its current price, this suggests that the token might increase by more than 70%.
Last October, the network proposed complete Ethereum Virtual Machine (EVM) equivalence to improve composability and interoperability between Ethereum dApps and the Flow ecosystem.
This enables Ethereum dApps to run on Flow without requiring code updates, increasing developer capability and reach. Since then, investors have begun to take note of the network’s native cryptocurrency, propelling FLOW from multi-year lows.
Meanwhile, Flow has announced the launch of the Crescendo Testnet on August 14th. This testnet will provide a fully similar EVM environment, which is likely to entice more developers to work on the Flow platform by using the unique features of both ecosystems.
The Crescendo Network Upgrade will be coming to Testnet on August 14th, 8am PT!
With Crescendo, the developer experience is upgraded with Cadence 1.0 and full EVM equivalence, enhancing the experience of any app 🌊
Learn more here ⤵️https://t.co/OkZ8DPPMNI
— Flow 🌊 (@flow_blockchain) July 17, 2024
Looking at Flow Blockchain’s competitors, CNF recently noted Sui Network’s strong development, driven by demand for Web3 smart contracts, with SUI’s price increasing by more than 62% in the last month to almost $1.8.
Sui stands out for strong Total Value Locked (TVL) growth, hitting about $584 million and generating more than $310 million from Ethereum Web3 protocols.
In addition, as we previously reported, Gamestarter has announced a substantial cooperation with Avalanche, a smart contract platform, to develop a game-changing product on the Avalanche blockchain, Gamechain.
Avalanche, another Flow blockchain competitor, has been working to gain a foothold for a higher ascension following the 2022 crash.