Arweave price surged to the highest level since July 31st. It rose to a high of $17.62, which was about 131% above the lowest level this year. Its market cap surged to over $512 million, making it the 76th biggest cryptocurrency in the world.

Arweave is a community-owned storage platform that makes it possible for people to permanently store their data. Instead of monthly subscriptions, the platform makes it possible for people to store data with a single upfront payment.

Arweave uses the permaweb, which is a global, permanent web of pages and applications that live forever. The cost to store on Arweave tends to fluctuate over time. On average, it costs between $2.35 to $5 per GB.

Arweave’s ecosystem has grown rapidly in the past few months. Some of the top platforms that use Arweave are Verto, Argora, Mintbase, Nina, and Mask Network among other

Arweave price shot upward on Thursday after the developers unveiled a partnership with Meta Platforms, the parent company of Facebook and Instagram. The company is using Arweave to allow users store their digital collectibles on their Instagram platform.

The statement was made by Stephane Kasriel, who is the Commerce, FinTech, and Web3 at Meta Platforms. He previously worked for companies like PayPal and Upwork. In his statement, he said that the company was rolling out the feature on Polygon and Solana. 

We’re rolling this out on @0xPolygon blockchain to start.💜 We’re also expanding the types of collectibles you can display on Instagram to include videos & adding support for @solana and Phantom. Plus new integrations with @OpenSea and @Arweaveteam! [2/6]

— Stephane Kasriel (@skasriel) November 2, 2022

The daily chart shows that the AR price has been in a consolidation phase in the past few day. This consolidation ended on Thursday when the developers announced the partnership with Meta Platforms. As it rose, it moved above all moving averages while the Relative Strength Index (RSI) has jumped to the overbought level of 70.

Arweave also retested the key resistance level at $17.62, which was the highest point on July 31st. Therefore, I suspect that the coin will soon retreat as the enthusiasm of this partnership fades. If this happens, the next key level to watch will be at $10, which is about 30% below the current level.

The post Arweave price prediction: Here’s why AR is soaring appeared first on CoinJournal.

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