STORJ price prediction: Will it go up?

The innovative token showed recent growth, but will that trend continue?

Cartoonish price chart showing STORJ token increasing in value – Photo: Shutterstock                                 
The STORJ token is in a better place year on year, despite a recent flat trade – Photo: Shutterstock
                                

Contents

What is STORJ exactly?

The STORJ token is the native cryptocurrency of Storj Labs’ decentralised cloud-based storage (DCS) platform, which is the brainchild of Atlanta-based computer scientist Shawn Wilkinson. 

Running on the Ethereum blockchain, STORJ is used as a payment system to storage nodes (essentially the network’s version of a Bitcoin miner) on the Storj network .

According to Storj Labs’ white paper, the lack of centralised control “allows users to store and share data without reliance on a third-party storage provider”.

Furthermore, “Decentralisation mitigates the risk of data failures and outages while simultaneously increasing the security and privacy of object storage”.

Storj underwent a token sale in 2017, generating returns of $30m (£22.3m). Currently, market capitalisation stands just shy of $733.5m while the latest 24-hour trading volume was nearly $736m.

The circulating supply of STORJ is more than 351.53 million against a total created supply of 425 million, according to CoinMarketCap. Data regarding maximum supply is not available.

If that all sounds rather confusing, head over to our explainer for a more detailed rundown. In the meantime, read on below to see how the market has behaved and what the analysts have in mind for the STORJ crypto price prediction. 

How has the chart moved lately?

Since early November, the bears were in charge, putting the STORJ price below the resistance line after a $2.92 peak on 31 October. 

After a brief bull run, the resistance line was broken again as the price dipped to $1.47 on 11 November, preempting a flat trade which lasted a week.

Trading day on 18 November showed a strong rally to highs of $2.38, but corrected itself throughout the afternoon. At the time of writing on 7 December, STORJ is trading at $1.89; upwards of 13% against yesterday’s close.

On a year-on-year basis, STORJ is up considerably, boding well for the remaining STORJ price prediction of 2021. If the STORJ coin price prediction sustains current levels, 2020 investors could be due a 600% year-on-year return.

Of course, that is dependent on many factors and is not at all representative of the STORJ price prediction for 2025 or earlier.

What does the future hold?

Aggregating the STORJ price prediction details from a range of analysts, the majority consensus is of a bullish trend in the years ahead.

Based on the last 30 days of market activity, Wallet Investor’s continually updating predictor gives a 12-month forecast of $2.69. A price target of $6.91 over a course of five years represents a 220% return. As such, analysts are very bullish.

Digitalcoin’s forecast is more bullish – although its end-of-year price target is $2.52, it slates a 2022 close of $3.69. 

While no extensive STORJ price prediction for 2030 among analysts is available, general consensus is that the token will not surpass $20 in this time frame. By 2025, the STORJ coin price prediction is expected to hit $6.11. 

Reflecting the recent uptrend, the STORJ price prediction at Gov Capital has a target price of $2.48 over the 12-month period and a price target of $6.82 over the five-year period. In a shorter time frame, it is expected to close out at $1.87 by the end of 2021.

CoinCodex has a bullish sentiment, with 29 technical analysis indicators signalling bullish signals, including positive moving averages throughout the 50-, 100- and 200-day periods.

Of course, these metrics are only estimates and should only be viewed as a guide. There are a bunch of factors that could affect the price of STORJ, including overall user uptake of the overarching DCS platform, market competition, regulation and many other external possibilities.

Do your research first and if you believe that Storj Labs’ vision will pay off in the long run, be sure not to invest more than you can afford to lose.

FAQs

STORJ has been on an uptrend over the 12-month period and a range of analysts are bullish of its future prospects. That said, any investment is a risk, particularly in the volatile crypto scene. Be careful with your investments!

Forecasters believe that STORJ will go up, given its good recent performance, but there is always a risk when investing in volatile assets such as cryptocurrencies.

You can buy STORJ at a range of crypto exchanges. We don’t have it yet at Currency.com, but we will let you know if and when we do. Just remember to do your research and never invest more than you can afford to lose.

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
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