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Gala Price Prediction After Going Vertical: A Plunge is Coming
Gala token price jumped sharply as the developers announced major changes to the ecosystem. The token surged to a high of $0.043, the highest level in a few months. This means that it has surged by over 50% in the past 24 hours. It has also climbed by over 173% from the lowest point in December. So, why is Gala crypto soaring, and what next?
Gala Film and Mobile
Gala crypto price made a strong bullish breakout on Monday after two major announcements. In a statement, the developers said that they will create a Gala Film product that will reward users for watching. For example, users will receive a reward in $GALA token when they buy movie tickets. They will also receive the reward when watching using a streaming platform like Netflix.
The developers have already inked deals with Dwayne Johnson and Mark Wahlberg. Johnson, popularly known as The Rock, is one of the best-known movie stars in the world. He is also one of the best-paid actor in the industry with a net worth of over $800 million. According to Forbes, he is paid $20 million per movie.
Mark Wahlberg is also a leading actor who has appeared in leading movies like Father Stu, Infinite, Mile 22, and Deepwater Horizon. Gala has inked deals for two movies with these superstars.
Another reason why Gala price is soaring is that the developers unveiled plans to incorporate mobile in their games. The existing games portfolio in Gala require computers and consoles. Therefore, by incorporating mobile, the developers hope that they will reach millions of more users.
For starters, Gala is a leading gaming platform that creates games using blockchain technology. The developers hope to create games that people would want to play and use. People earn money in form of GALA token when they win.
Gala price prediction
The four-hour chart shows that GALA price went vertical on Monday because of the two reasons described above. It moved above the important resistance point at $0.028, the highest point on December 5. The coin moved above all moving averages.
Similarly, oscillators like the Stochastic Oscillator and the Relative Strength Index soared to the overbought level. Therefore, the coin will likely pull back in the coming days as sellers target the key support level at $0.02. A move above the resistance point at $0.05 will invalidate the bearish view.
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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