Theta (THETA) price is now up over 850% since December

Written by: Michael Harris
March 9, 2021
  • Theta Network has made Sony’s European research arm its network validator
  • THETA price has been consistently moving higher in recent weeks to hit a fresh record high of $5.37 today
  • The intraday support is located around the $5.00 mark with stronger demand active at $4.00

Theta (THETA) price has moved further higher today to print a new record high at $5.37. This means THETA trades over 850% in just three months. 

Fundamental analysis: Sony becomes Theta’s new network validator

Theta Network, a decentralized media streaming blockchain, has made Sony’s European research arm its network validator. 

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Sony’s Brussels-based research and development organization R&D Center now accommodates Theta’s blockchain expertise and will continue to try and “further enhance the global experience for users of the Theta Network.”

Five years ago, Sony’s corporate venture capital was one of the investors in the seed funding round of Theta Labs, the organization that developed the media-sharing platform. 

The blockchain’s native token, THETA, is used for micro-payments within the platform, which is able to scale to millions of viewers simultaneously thanks to the multi-level BFT consensus mechanism. 

Magdalena Wasowska, Head of Sony Europe R&D Center Europe Brussels Laboratory, said that the blockchain-powered platform could bring powerful “tools for license and rights management.” 

“At R&D Center we share Theta Network’s passion towards decentralized technologies, and are excited about the possibilities which Blockchain technologies can offer to creators,” she said.

Apart from Sony, other tech giants including Google, Samsung, Binance, Blockchain Ventures, and Gumi are also Theta Governance Council members.

The THETA token moved up 14.4%T on the news. The platform reportedly has 2,740 nodes with 58% of THETA’s supply staked. 

Mitch Liu, the CEO of Theta Labs said he expects an extensive strategic collaboration with Sony in sectors such as decentralized finance and non fungible tokens.

Technical analysis: Record highs hit

Unlike some other cryptocurrencies that have corrected in recent days, THETA price has been consistently moving higher to hit a fresh record high of $5.37 today. The digital asset has already gained over 60% in March, just a month after adding 64.2% to its value. 

Theta daily chart (TradingView)

Where next? It’s difficult to predict given the scale of the recent rally. The intraday support is located around the $5.00 mark with stronger demand active at $4.00. The latter can offer a solid opportunity to invest in THETA.

Summary

Decentralized blockchain-based video streaming protocol Theta has welcomed Sony’s European research center as its new network validator. In the meantime, the price action soared more than 850% to hit a fresh record high today.