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Streaming services have become a big part of modern society. Theta Network is building this type of technology for the Web 3 space.

The network’s native token, THETA, has turned bullish over the past few weeks due to on-chain developments and reversal in cryptocurrency sentiment.

According to CoinGecko, THETA is up 15% in the bi-weekly period along with other altcoins. The network accelerated development with the recent alpha release of EdgeStore, Theta Network’s decentralized storage solution.

Boost the network

In their January 20 blog postthe development team detailed how this new way of storing data can help the network and Web3 move forward.

The EdgeStore solution would be a decentralized way to store Web3 content. This will work on Theta Edge nodes that already have the ability to encode and transcode content.

The fear, uncertainty, and doubt surrounding the cryptocurrency market has not stopped networks from growing with partnerships.

Trusted Media Brand, a Web3 entertainment company, is now part from Theta’s growing list of enterprise validator nodes.

The list includes tech industry giants like Samsung, Google, and Sony, to name a few. This would accelerate the adoption of Web3 for entertainment services.

$1 Reached – What’s Next for THETA?

At the time of writing, the token broke through the $1.02 resistance to reach its current price of $1.04. This push towards $1 could have exhausted the bulls as they managed to move higher yesterday. Right now, THETA bulls are focused on consolidating gains.

If the bulls are successful in consolidating the coin, we could see explosive upward pressure in the coming days. The token, with its strong correlation to Bitcoin, would also be subject to the broader influence of the crypto market.

With BTC also going into consolidation mode, the phase of THETA right now would depend on whether Bitcoin breaks up or down.

Although the token still has a long way to go to regain pre-FTX levels, its steady momentum will surely help investors and traders achieve their goals. Analysts are also optimistic about the future of the token.

Crypto total market cap at $993 billion on the weekend chart | Chart: TradingView.com

For now, investors and traders targeting $1.20 should focus on maintaining steady, slow momentum as the consolidation gives the token some breathing room for short to medium-term gains.

With Bitcoin’s price movement also affecting the THETA market, monitoring BTC’s progress over the next two weeks should also be a priority.

Image featured by Currency.com





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