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Rocket Pool Price Prediction – RPL Soars 54% Amid Its Upcoming Saturn One Network Upgrade

Highlights:

  • Rocket Pool price gains a spot among top coins today, rising 54% to trade at $2.58.
  • The recent surge comes following the upcoming Saturn Upgrade on Feb 18.
  • The technical outlook shows a slight pullback amid overbought conditions.

The Rocket Pool (RPL) price is among the top coins today, trading at around $2.58, marking a whopping 54% surge. This follows the next Saturn One network upgrade on Wednesday (Feb 18), which adds major enhancements to the RPL network, promoting new purchasing activity. Technically, the bullish momentum is an indicator that the rally can continue as investors gauge the consequences of the upgrade.

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Rocket Pool stated that its Saturn One upgrade would be done on Wednesday at midnight UTC. This upgrade will be the greatest upgrade in the history of the protocol, with major contributions in terms of scalability, capital efficiency, and token economics. 

The X post of Rocket Pool emphasized that Saturn One has a number of advantages, including an RPL fee switch, 4ETH validators, and MEGAPOOLS. This upgrade will allow the switching of the RPL fee. This turns RPL into an ETH accrual token as opposed to an inflation-reward token. The higher the stake that RPL has in the protocol, the higher the ETH it captures. 

Source: X

To rETH holders, the upgrade will make rETH more cost-effective to Rocket Pool, allowing the protocol to absorb significantly increased rETH demand. Liberation of more capital buys less capital to join and dictate more capacity to the liquid stakers.

The protocol gives 28 ETH to the rETH liquid stakers. However, the protocol assigns the rest of the 28 ETH to the node operators, making a total of 32 ETH. This saves half of the bond requirement by investors as compared to minipools.

The investors are now able to operate twice the number of validators using the same amount of ETH. It implies that node operators will receive higher commission and higher rETH minting power. This recent move has boosted investor confidence, causing the Rocket Pool price hit a daily high of $2.83 before retracing to current levels in the market.

Rocket Pool Price Breaks Above a Falling Channel

The RPL/USDT price chart on the daily chart shows a market that spent many months in a strong downtrend, breaking above the falling channel pattern. Currently, the price has broken above the 50-day SMA at $1.96, flipping it into an immediate support zone. However, the 200-day SMA at $3.89 still cushions the bulls against any upward movement.

RPL/USD 1-day chart: TradingView

Meanwhile, if the current momentum holds, RPL may continue the upside movement. The RSI is currently around 70.86, after retracing from around 75 overbought zone, allowing the bulls to sweep through liquidity. However, this level still holds overbought signals, suggesting that profit booking may continue before the bulls commence another rally.

Often, the overbought conditions lead to small pullbacks so the market can cool down before moving higher again. In the meantime, traders should expect some short-term corrections. If Rocket Pool stays above the $1.96 support area, $2.83-$3.29. Conversely, if the price continues the correction, the RPL may drop towards the $2.28-$1.96 support levels.

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