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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Why GALA’s 190% Rally May Be Just Getting Started

Reynaldo Marquez
Reynaldo Marquez
2 years ago
2 mins read
GALA GALAUSDT Crypto NFTs NFT

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GALA, the native token of the non-fungible token (NFT) gaming project, has recently seen significant bullish price action. The token moved independently during these periods, with larger cryptocurrencies barely catching up on this massive rally.

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As of this writing, GALA’s price trades at $0.04 with a 16% profit in the last 24 hours. Since late December 2022, the token has recorded a 194% rally and stands amongst the best-performing digital assets in the sector. Is the rally sustainable, or will the token retrace on its recent gains?

GALA GALAUSDT
GALA’s price trends to the upside on the 4-hour chart. Source: GALAUSDT Tradingview

GALA With More Room To Grow

Data from analytics firm Santiment indicates that GALA was able to trend to the upside due to a spike in on-chain activity. An increase in whale activity supported the token’s price action and allowed it to push beyond resistance at $0.048.

The last time GALA saw its current levels was in Q4, 2022. At that time, the cryptocurrency crashed behind a market-wide downtrend. The chart below shows that the spike in activity preceded the rally and suggests further appreciation. Santiment noted:

Amongst the many surging altcoins in 2023, $GALA has been making a tremendous run. The price of the #Ethereum-based asset is up +194% since December 30th, and has exceed $0.048 for the first time since mid-September, backed by big whale transactions.

GALA GALAUSDT Chart 2
Source: Santiment

Further data provided by Santiment indicate that GALA’s upside move was supported by negative overall market sentiment. As digital assets trended to the upside, sentiment went to a bearish extreme and hinted at a bounce to squeeze short positions. Santiment added:

Altcoins have continued aggressively pumping throughout the weekend. As we have seen time and time again, markets move in the direction of the crowd’s unlikeliest expectation.

NFT Gaming And Metaverse With Strong Long-Term Fundamentals

The mini-altcoin season will continue if investors allocate capital to the NFT gaming and Metaverse sector. Coingecko records appreciation for similar projects, such as Decentraland (40%+), and The Sandbox (34%), in the previous seven days.

In addition, at the Consumer Electronics Shows (CES) 2023, several companies and providers announced their Metaverse-related products. The sector has created much buzz in major markets and is likely to continue seeing interest from investors.

Related Reading

Is The Bitcoin Bottom In Yet? Here’s What aSOPR Metric Suggests

1 year ago

According to the CEO of OVR Technology, Aaron Wisniewski, the Metaverse is here to stay. Crypto and GALA are bound to operate a critical components for this sector. Wisniewski said:

We are entering an era in which extended reality will drive commerce, entertainment, education, social connection, and wellbeing. The quality of these experiences will be measured by how immersive and emotionally engaging they are. Scent imbues them with an unmatched power.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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