Today I want to take a few minutes to look at Sia Coin. Sia was conceived at HackMIT back in 2013 by David Vorick and Luke Champine. This is an open source project that is creating a decentralized cloud storage platform. Sia is an open source platform that allows users are able to rent out a portion of their unused storage space to the Sia Network and create a peer-to-peer cloud storage solution without any central servers.
The cloud storage marketplace is a multi-million dollar a year industry that is dominated by giants such as Amazon, Google, and Microsoft. If Sia can disrupt this market in any significant way, it could be huge. The developers have set a very lofty long term goal for the project, and that is to ultimately become the backbone storage layer to the internet.
Here's a short video from the Sia team explaining their project.
So far they have a working product for decentralized file storage that is far cheaper then what is offered by the industry leaders. According to their public roadmap, they intend to add a peer-to-peer file sharing in Q1 of 2018. They are also adding the ability to restore your files to any computer with just your private wallet seed as well as support for partial downloads during Q1. Q2 is slated to add video streaming capabilities.
If Sia can hit these milestones, the first half of this year could see Sia really moving.
The Sia team is pretty active on social media, which is great to see. You can follow them on Twitter @SiaTechHQ, where they have 86.8k followers or join their Reddit channel which currently has over 28k subscribers.
Now that you know a little bit about Sia, let's take a look at where they stand in the market right now. They are currently ranked number 29 with a market cap of $1.5B, and $79.85M in trade volume over the last 24 hours. It's down 4.3% in the last day and selling at $0.048 (405 satoshi). It's been on a down trend since hitting it's all time high (ATH) of $0.11 back on January 6th.
As you can see in the above chart, I expect it to continue to decline for a short while before breaking out of this decending triangle and moving up again. This is backed up by the below chart where we apply the Bollinger bands. You can see that it's almost at the bottom of the blue channel. Generally when it hits the bottom of the channel it will start moving back up toward the center.
I fully expect to see Sia continue to move sideways and slightly down over the next couple weeks, but then it should be poised to really move. Maybe their file sharing system will launch soon and be the fuel to take it to the moon. We will see.
I feel really good about Sia Coin's future. They are one of the few coins that actually have a working product and are continuing to add improvements. They have ambitious goals and are constantly taking baby steps toward making those goals reality. Sia has a great use case in a market that is worth billions. In my opinion, the future looks really bright for Sia, and I will be loading up during the consolidation period over the next couple of weeks.
If you are interested in getting into Sia Coin, it can be picked up on several of the big exchanges including Bittrex, Poloniex, Up it, and HitBTC. If you don't have an account on any of these exchanges, please consider using the below referral code to sign up at HitBTC.
https://hitbtc.com/?ref_id=599deb57df0a5
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As always, I'm not a financial advisor, and this should not be taken as financial advice. Invest at your own risk. This is a highly volitile market, and you should never invest more then you can afford to lose.