YEREVAN (CoinChapter.com) – Is Band Protocol (BAND) a good investment in 2024? To answer this question, let’s take a close look at the project and its token price. As of Jan 9, BAND stood at $1.67 after a 4.5% intraday slide.

Band’s Fundamentals Raise Bullish Expectations

Band Protocol, a cross-chain oracle platform that connects “real-world data with blockchain technology,” has made some notable advancements recently. They announced the opening of applications for their 2024 Q1 Validator Program, inviting active validators on BandChain to apply for Foundation Delegation.

The team called the Validator Program a significant step in enhancing the security and efficiency of their network, as validators play a “crucial role” in maintaining data integrity and network stability​​.

Band Protocol has announced the opening of applications for Validator Program. The program is open to all active validators on Bandchain. The deadline for applications is January 31st.

commented the team.

Moreover, Band Protocol has also integrated with Omni by Beta Finance on the BNB Chain, a move that broadens the scope of its data feed. This integration now supports eight crypto tokens and stablecoins, ensuring that Omni users have access to real-time, accurate, and comprehensive market data​​.

Is Band Protocol a good investment in 2024? The project’s integration into the Cosmos network positions it well for future growth. However, it is important to take a look at the technical indicators and on-chain metrics to determine future bias.

Is Band Protocol A Good Investment in 2024?

Band Protocol’s token did not start 2024 with high investor confidence. The token dropped nearly 25% year-to-date, out of tune with Bitcoin. Moreover, BAND/USDT stood over 93% below its all-time high of $23 in April 2021.

Notably, it would take a 1,300% uptrend to ensure a new all-time high, which does not seem plausible given the current market sentiment. Additionally, the BAND trading volumes have declined year-to-date.

The indicator alone does not say much about Band Protocol being a good investment. However, combined with the plunging price action, the declining trading volumes indicate a possible market manipulation while the bulls are hibernating.

Considering the overall cautious trader sentiment, Band Protocol might not surge in the coming month. So, the current price might not be a discount. However, investors should monitor BAND fundamentals closely and keep an eye on the overall market climate to make a balanced decision.

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Filed under: Bitcoin - @ January 9, 2024 12:21 pm