Why GALA’s 190% rally may just be starting
GALA, the original token of the non-fungible token (NFT) gaming project, has recently seen significant bullish price action. The token moved independently during these periods, with major cryptocurrencies barely capturing this massive rally.
At the time of writing, GALA’s price is trading at $0.04 with a profit of 16% in the last 24 hours. Since the end of December 2022, the token has registered a rally of 194% and is among the best digital assets in the sector. Is the rally sustainable or will the token bounce back on recent gains?
GALA with more room to grow
Data from the analysis firm Santiment indicates that GALA was able to trend up due to an increase in activity on the chain. A surge 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 increase in activity preceded the rally and suggests further appreciation. Santiment noted:
Among the many rising altcoins in 2023, $GALA has made a tremendous run. The price of the #Ethereum-based asset has risen +194% since December 30th, surpassing $0.048 for the first time since mid-September, supported by large whale transactions.
Additional data provided by Santiment indicates that GALA’s upside move was supported by negative overall market sentiment. As digital assets edged higher, sentiment went to a bearish extreme, hinting at a bounce to pressure short positions. Sentiment added:
Altcoins have continued to pump aggressively through the weekend. As we have seen time and time again, markets move in the direction of the public’s most unlikely expectations.
NFT play and metaverse with strong long-term fundamentals
The mini-altcoin season will continue if investors allocate capital to the NFT gaming and Metaverse sectors. Coingecko registers appreciation for similar projects, such as Decentraland (40%) and The Sandbox (34%), in the last seven days.
Additionally, at the Consumer Electronics Shows (CES) 2023, several companies and vendors announced their Metaverse-related products. The sector has created a lot of buzz in major markets and is likely to continue to see interest from investors.
According to OVR Technology CEO Aaron Wisniewski, Metaverse is here to stay. Crypto and GALA are bound to operate a critical component for this sector. Wisniewski said:
We are entering an era where augmented reality will drive commerce, entertainment, education, social connection and well-being. The quality of these experiences will be measured by how immersive and emotionally engaging they are. The scent gives them an unmatched power.
