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These past few days went by with devastating losses across the cryptocurrency market as top coins surrendered gains amid rapid volatility. It wasn’t surprising as the market sentiment was under pressure due to fear and uncertainty plaguing investors about the Fed’s interest rate hikes and CPI data.
However, some coins proved resilience despite the market-wide downturn. Among the few resilient cryptocurrencies is EOS, which scored over 7% on weekly gains while holding 20.2% of its past 14-day price rally.
This performance reflects the EOS ecosystem growth, partly brought about by its Ethereum Virtual Machine (EVM), probably anchoring it above the adverse effects of the downturn. Even Messari’s latest report on EOS’ EVM solution is a game changer for the network.
EOS Performance Outlook
At press time, the coin is trading at $1.21, while its price has surged by only 0.7% over the past 24 hours. However, EOS is outperforming the global cryptocurrency market, which has declined by 3.10% over the past week. Also, EOS is outperforming compared to similar Smart Contract platform cryptocurrencies, whose prices have collectively lost 7%.
Although the coin is trading at $1.21 today, there is a lot it can achieve should it record more rallies in the coming days. It could even hit $2, all things being equal.
EOS once traded above $2 in March 2022 before the crypto winter set in, pushing its price down below $1 in June. It even traded at $0.879339 in January 2023 before rallying to the current price. This means the token’s price is 151.53% higher than its all-time low price of $0.502400 on October 23, 2017.
Last week, EOS recorded five green days in a row while its price rallied over 16% within the period. If the coin progresses with the same momentum in the coming days, $2 will be achievable. It would be even more possible if the sentiment in the broader cryptocurrency market turns bullish in the coming weeks.
Ongoing Developments Could Increase Activity On The Network: Messari Report
As of press time, the EOS Network Foundation is pursuing several projects that might influence the coins price rally, pushing it to new highs. For Example, the EOS team is building an Ethereum Virtual Machine (EVM) solution that supports Solidity. Solidity is a high-level programming language for implementing smart contracts on Ethereum.
Also, AntelopeIO recently launched on the EOS mainnet, enabling Antelope-based blockchains to communicate securely with each other and scale horizontally. These new pursuits would compensate for the network’s loss in the crypto winter.
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According to Messari’s report, the EOS network has seen several developmental improvements, including ongoing ones that would scale its growth. But in terms of network activity, EOS network activity has declined, with an average of 1.3 million daily transactions and 38,000 daily activities year-to-date.
Moreover, the coin saw a decline in new daily addresses from 2,600 in 2022 and nearly 13,000 in 2021 to 1,785 in 2023. Its daily Active Addresses declined in 2022, corresponding with the shift from bull to bear market in the broader crypto space.
The 2022 bear market was devastating for most cryptocurrencies. Many coins, including EOS, have not recovered from the loss. EOS’ price is now 94.44% lower than its April 2018 all-time high of $22.71.
This decline could change soon with the recent developments in the EOS ecosystem and might succeed in pushing the token price further above $2. Above all, it would introduce more users to the network, which is the bedrock for mainstream adoption.