• GALA, the native token of the non-fungible token (NFT) gaming project, has recently seen a significant bullish price action, recording a 194% rally since late December 2022.
• Data from analytics firm Santiment indicates that GALA was able to trend to the upside due to a spike in on-chain activity and an increase in whale activity.
• The last time GALA saw its current levels was in Q4, 2022, and overall market sentiment suggests further appreciation.
GALA, the native token of the non-fungible token (NFT) gaming project, has seen an impressive rally of late. In the last 24 hours, the token has seen a 16% rise in its value, pushing it to a level not seen since late December 2022. This marks a 194% rally since then, making GALA one of the best-performing digital assets in the sector.
Analytics firm Santiment provided insight into the reason for the price surge, noting that GALA has been able to push beyond resistance at $0.048 due to a spike in on-chain activity and an increase in whale activity. This is backed up by the fact that the last time GALA saw its current levels was in Q4, 2022, when the cryptocurrency crashed behind a market-wide downtrend. The recent spike in activity preceded the rally and suggests further appreciation.
Overall, GALA’s price action is a positive sign for the cryptocurrency sector, and the token could continue to appreciate in the coming days. Although this is still speculative, the fact that GALA is backed by strong on-chain activity and whale activity makes it a strong candidate for further appreciation. Investors should do their own research and make sure to properly assess the risks before investing in GALA.