SSV Network Founder Enlisted, How Will the Israel-Palestine Conflict Impact SSV Token?

On October 11th, Alon Muroch, the founder of SSV Network, an Ethereum staking infrastructure project, posted on social media that he had been enlisted and described the situation as worse than expected, expressing a pessimistic outlook.

Content posted by SSV Network Founder Alon Muroch, Source: X.

Shortly afterward, A. Matthias, the Global Business Director of SSV Network, posted on social media in both English and Chinese, stating that the entire team is operating normally and that the incident has brought the SSV community closer together.

Post by A. Matthias, Global Business Director of SSV Network, Source: X.

Despite the statements from SSV Network's team members to stabilize investor confidence, it hasn't prevented investors from selling off the SSV tokens.

Today, SSV opened at $15 and has continued to decline, reaching a low of $13, down 13%. Currently, SSV has rebounded slightly and is priced at $14.

SSV Daily Price Trend Chart, Source: TradingView.

Since June of this year, SSV has been fluctuating within the range of $13-$20, with $13 serving as strong support, having been tested by bears three times without breaking. So, will this event lead to further price declines below $13 for SSV?

SSV Price Trend Chart, Source: TradingView.

Although many blockchain projects are decentralized and have a high degree of independence, they still heavily rely on the founders in terms of investor sentiment. For example, when Litecoin's founder left, it led to a significant drop in LTC's price.

Similarly, the uncertainty of war increases the uncertainty surrounding the development of the SSV Network project, severely impacting investor confidence, especially during bearish market conditions. Therefore, if anything significant happens to the founder or if there are operational issues with the project, there is a high possibility that the price of SSV coin may break through the strong support at $13.

Furthermore, considering the enlistment of SSV Network's founder, caution should be exercised with projects related to Palestine and Israel, as they are currently like hidden landmines that could explode at any time. If engaging in short-term investment trading, it is advisable to choose high-market-cap coins such as BTC and ETH to reduce the heightened risks that special circumstances may bring.