GALA Price Skyrockets by 100%: Will the Rally Continue?
In the midst of a robust surge within the GameFi sector, GALA, Gala Games’ native cryptocurrency, has experienced an astonishing 100% increase in value over the past two days. Currently, the GALA price stands at $0.07062, boasting a market capitalization exceeding $2.072 billion. Impressively, GALA has contributed over $1 billion to its market cap in less than a week.
Strong Momentum and Potential for Further Growth
GALA is emerging as one of the standout performers among the top-100 cryptocurrencies, with its recent price action and technical indicators signaling strong upward momentum.
This bullish momentum appears to be in its early stages, suggesting that despite indicators like the relative strength index (RSI) showing overbought conditions, GALA could sustain its upward trajectory for some time.
What’s particularly noteworthy about GALA’s current situation is that it remains substantially below its all-time high (ATH) of $0.8248, recorded in November 2021, by a staggering 90%. This significant gap suggests ample room for further upward movement in both the short and long term.
Moreover, GALA recently experienced a golden cross, with its 30-day moving average crossing above its 200-day average, indicating a bullish trend reversal. This bullish signal observed just a few weeks ago could potentially drive sustained growth over the coming weeks and possibly beyond.
Gala Games’ Progress and GalaSwap DEX
Gala Games made significant strides in recent weeks, notably with the launch of GalaSwap DEX at the close of the previous month. Additionally, various enhancements introduced over the past week have significantly contributed to its growing adoption.
The introduction of GalaSwap DEX has sparked a notable surge in Gala’s utilization. The platform, already renowned as a decentralized gaming and media hub, has experienced a considerable uptick in activity following this launch.
GameFi Sector Rally
The GameFi sector has demonstrated impressive growth, outpacing the broader cryptocurrency market in percentage gains.
According to CoinGecko, the combined value of web3 gaming tokens now stands at $32.7 billion. Notably, GameFi tokens such as FLOKI have witnessed a notable 3% surge in value. FLOKI, experiencing a 21% increase in the last 24 hours, serves as a primary utility token within the Floki ecosystem, facilitating transactions, rewards, and governance functionalities, empowering holders to engage in decision-making processes.
Taking a broader view over the past 30 days, the GameFi sector has seen substantial growth: Gala has soared by 200%, The Sandbox’s Sand token has surged by 65%, and Axie Infinity’s AXS has experienced a 65% rise.
Hot Take: GALA’s Stellar Performance
GALA’s recent price rally is undoubtedly impressive, with its value doubling in just two days. However, it remains to be seen whether this upward momentum will continue or if a correction is on the horizon.
With GALA still trading significantly below its all-time high and technical indicators pointing to further growth potential, there is reason to believe that the rally may continue in the short and long term.
Gala Games’ recent developments, including the successful launch of GalaSwap DEX, have contributed to increased adoption and utilization of GALA. This positive trend aligns with the broader growth observed within the GameFi sector.
As the GameFi sector continues to gain traction and attract more attention from investors, GALA’s stellar performance reflects the growing interest in decentralized gaming and the potential for significant returns.
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