GALA, the original token of the non-fungible token (NFT) gaming project, has recently seen significant bullish price action. The token moved independently during this period, with larger cryptocurrencies barely able to catch this massive rally.
At the time of writing, GALA price is trading at $0.04 with a 16% gain in the last 24 hours. Since the end of December 2022, the token has recorded a rally of 194% and is one of the best digital assets in the sector. Will the rally continue, or will the token retrace on new gains?
GALA With More Room to Grow
Data from analytics company Santiment show that GALA can trend upwards due to spikes in on-chain activity. The increase in whale activity supports the price action of the token and allows it to push beyond the resistance at $0.048.
The last time GALA saw its current level was in Q4, 2022. At that time, the cryptocurrency fell behind the market’s downtrend. The chart below shows that the surge in activity preceded the rally and further appreciation. Santiment notes:
Among the many altcoins that are on the rise in 2023, $GALA has been doing very well. The price of the #Ethereum-based asset is up +194% since December 30, and has exceeded $0.048 for the first time since mid-September, supported by large whale transactions.
Further data provided by Santiment shows that GALA’s upward movement is supported by negative overall market sentiment. As digital assets trend upwards, the sentiment went to extreme bearish and hinted at a bounce to squeeze short positions. Sentiment added:
Altcoins continued to pump aggressively over the weekend. As we’ve seen many times, the market moves in a direction that most people don’t expect.
NFT Gaming And Metaverse With Strong Long Term Fundamentals
The mini-altcoin season will continue if investors allocate capital to NFT games and the Metaverse sector. Coingecko recorded appreciation for similar projects, such as Decentraland (40%+), and The Sandbox (34%), in the previous seven days.
Additionally, at the Consumer Electronics Shows (CES) 2023, several companies and providers announced Metaverse-related products. The sector has created a lot of buzz in the main market and is likely to continue to attract interest from investors.
According to OVR Technology CEO, Aaron Wisniewski, Metaverse is here to stay. Crypto and GALA are bound to operate critical components for this sector. Wisniewski said:
We are entering an era where augmented reality will drive commerce, entertainment, education, social relationships, and well-being. The quality of the experience will be measured in an immersive and emotional way. The aroma gives it unparalleled power.