Gala Price Prediction 2023: Can Bull Raise GALA Price Beyond $0.1?

Key Takeaways:

• Gala price rose more than 240% in the past 10 days, recreating a 2021-like bull run scenario, while the bearish impact intensified
• The bulls could continue to maintain their dominance, uplifting the price beyond $0.1 in the coming days in 2023
• As the exchange reserve touch the skies and whales letting of their holdings, a notable pullback may also be expected

Additional Read: Top BNB Tokens By Market Cap

Gala Price History

• Gala or Gala Games, an array of games operating around various other blockchains was launched in 2019 and began to trade in May 2020.
• The price remained stagnant and traded within a very narrow range through 2021 and began a massive upswing at the beginning of 2022. 
• The price surged high and marked the ATH just above $0.7 and quickly collapsed inviting the bears to strengthen their roots.
• Following an extended period of a steep bearish trend, the GALA price has ignited a massive rebound to exceed $0.5

Gala Technical Analysis

Source: Tradingview

• Huge buying volume kicked in which raised the GALA price magnificently, which was trading flat until then
• The price appears to be under the extreme bullish influence but a hidden bearish divergence is discovered that could drag the prices slightly lower
• Therefore, the GALA price, which is trading within a rising wedge is believed to maintain bullish momentum and continue rising high until it reaches the tip of the consolidation
• This may result in a slight pullback that may test the lower support at $0.04495, wherein the bulls are believed to remain off-shore, compelling the price to trade sideways for a while
• However, with the revival of bullish market sentiments, the price may bounce off the lower support and reclaim levels above $0.05 quickly

Overview of Gala On-chain Analysis:

Gala Daily Active Address

Source: Santiment

The total number of traders or addresses that interacted with the platform to perform a trade is indicated by the “daily active address” (DAA). The trade could be either a buy, sell, or just a swap, all are considered to calculate the active address count for the past 24 hours. A rise in the active address indicates the rising interest of the market participants over the token, and it drops otherwise. 

The DAA, which remained heavily consolidated around 1000, spiked high to reach beyond 2000 during the FTX fiasco. The levels again dropped close to 1300, which further rebounded to reach beyond 3600 as the market sentiments flipped. However, the levels appear to have dropped slightly but may rebound again to witness a much larger spike very soon.

Gala Whale Accumulation

Source: Santiment

Whale addresses are those that hold at least 1% of the circulating supply. They have the ability to directly influence the price by simply making a transfer. As market sentiments are closely related to whale accumulation, if they begin to accumulate heavily, the price trend may exhibit a massive move.

Unfortunately, GALA’s whale reserves are rapidly depleting. Whales are simply liquidating their holdings at a faster rate, which may cause disbelief among market participants who may follow suit and liquidate. Therefore, this is impacting the GALA price to a large extent, which is believed to drop considerably in the coming days.

Read More: The Sandbox Price Prediction

Gala Supply on Exchanges

Source: Santiment

The supply on exchanges indicates the number of tokens present in their wallets. This can also be considered a sentiment indicator as the levels drop extensively while the positive sentiment knock-in and increases otherwise. A drop in the levels indicates that the traders are moving their tokens out of exchanges and probably holding them for a long time. 

Besides, a gigantic surge that has been observed now indicates that traders are constantly moving their wallet balances onto the exchanges. This may indicate that the traders are preparing to sell the token or may also perform a swap trade to acquire some other token. 

Gala Price Prediction for 2023

Following the massive drop in the first half of 2022, the GALA price remained largely bearish, forming constant lower highs and lows. Furthermore, the bearish year-end close validated the claim that the token trend would form new bottoms in the first quarter of 2023. Fortunately, the bulls jumped in to prevent further losses and quickly increased the price by 200% in the last two weeks. 

With the bullish start, the GALA price is believed to remain under the bullish influence for a long time ahead. Undoubtedly, the bears may mark their presence at frequent intervals, but the bulls could eventually hold the token above the interim support. Therefore, by the end of 2023, the Gala price may hover around close to $0.15 if it successfully breaches $0.1 before the end of H1 2023. 

Gala Price Prediction for 2024 

After a significant upswing, the bulls may take a breather, allowing the rally to consolidate for a while remaining above the gains. By the end of the first half of 2024, the price is believed to soar to $0.2, but it may encounter rejection just before reaching these levels. The pullback is believed to be slightly effective that may drag the price below $0.15,

After dropping by more than 30%, the bulls may require some time to accumulate strength, due to which the price may remain consolidated for a while. As the trade approaches the end of the year 2024, the bullish momentum may kick in, which may lift the price back above $0.2. Furthermore, extreme bullish momentum may push the price above $0.22 to $0.23 to end the year on a positive note.

Gala PRICE PREDICTION 2025-2030

The Gala price appears to be bullish in the long term and hence carries the possibility of creating new milestones in the coming years. However, the bear market may also make its way out which usually follows a giant bull run. Hence, the year 2025 is believed to remain under bearish influence and trade below $0.25, while rising slightly to $0.35 in 2026. 

Further, in 2027, the prices could slightly gain bullish momentum and reach close to $0.5 before the bears begin to slash the prices. During the yearly trade in 2028, the GALA price may reclaim $0.5 and maintain a notable upswing thereafter. However, by the end of 2030, the price may reach close to $1, ensuring $0.75 to $0.8 in 2029. 

Should you invest in Gala in 2023? 

Gala is one of the tokens with a very short trading history of only a few years. Furthermore, the token survived the 2022 bear market after a massive bull run in 2021, completing a trading cycle. Hence, it can be considered a strong platform to rely upon. Now that the prices have rebounded from their bearish captivity, the bullish momentum may continue to prevail for quite some time. However, before investing in Gala or any other token, a deep knowledge of the fundamentals and close observation of the price movements are very important. 

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