Why Did Gala Price Jump Over 150% In The Past 10 Days?

Key Takeaways:

• Gala has been the biggest gainers amongst the top 100 cryptos by market cap so far this year in 2023 – according to data sourced from CoinMarketCap.
• In the past 10 days, since the beginning of the year, Gala price has gained over 150% – by far the largest jump in terms of pure price appreciation.
• Gala is a native crypto token of the Gala Games project – a blockchain based gaming project that strives to give control back into the hands of the players of these games.

Gala Games is a metaverse and blockchain gaming crypto project that has had a phenomenal price action since the beginning of this year. It has jumped over 150% in the past 10 days, since the beginning of 2023 and that is no mean feat. However, there have been a series of announcements and acquisitions that have led to the spike in the Gala token. Let’s take a brief look at them.

Firstly, they have acquired a new mobile gaming studio with over 20 million active users and over 15 games and is ready to add those games to their blockchain network. This announcement by and of itself is huge but there’s more.

Additional Read: Top Metaverse Projects In 2023

Probably nothing… pic.twitter.com/Pe71GCL3HZ

— Gala Games (@GoGalaGames) January 5, 2023

These games would be powered by the Gala token (GALA) which means that the gas fees paid by players on the blockchain network would be paid using the Gala token, thus making the token more valuable because of the deflationary system coming in – and could explain the jump in value!

Just a little update from Benefactor regarding the utility of $GALA. pic.twitter.com/wkCQLhATXk

— Gala Games (@GoGalaGames) January 5, 2023

And there more!! Gala Games has two more parallel platforms to its name – the Gala Music and Gala Films. Now, this is still in the speculation stage but in a now deleted tweet – Gala Games did mention that they could be working with Dwayne ‘The Rock’ Johnson and Mark Wahlberg – two absolute heavyweights in Hollywood on a film together.

Screenshot of the deleted tweet | Source: CryptoPotato.com

And more recently, an artist on the Gala Music platform was also nominated for a Grammy!

🚨 ICYMI 🚨

1. A @GoGalaMusic artist has been nominated for a Grammy. Congratulations @amirsulaiman! We're rooting for you 💪

2. The @GoGalaMusic ecosystem will use $GALA for gas.

Keep your eyes on this space. More news coming soon 👀 pic.twitter.com/mqPYm3i8lm

— Gala Games (@GoGalaGames) January 11, 2023

GALA TECHNICAL OVERVIEW

GALA/USD | Source: Tradingview

Gala Games’ native crypto token GALA has been on a fantastic rally since the beginning of the year – and as you can observe from the chart above – it is well above 130% as of writing. It had even gone above the 150% mark twice in the past two days too. GALA price had been on a downtrend all the until the last day of 2022, when prices had been losing value heavily – especially in the wake of the FTX crypto exchange collapse. However, with the beginning of this new year – GALA price has been on an absolute roll.

From a purely technical point of view – GALA price has managed to break out of the immediate downtrend (marked by yellow) very convincingly and is trading well above it. It has also managed to breach the resistance region of $0.043 but has fallen down marginally below it. Also, in these 10 days, GALA price has also managed to break past the 50 and 200 day moving averages, which are important levels on the chart and if this bullishness were to continue, we could potentially have a golden crossover very soon too! However, on the flip side – the Relative Strength Index is currently is a strongly overbought zone close to 80 and thus a correction might be on the cards in the immediate short term.

Read More About: GALA | Price Predictions

GALA DAILY ACTIVE ADDRESSES ON THE RISE

GALA Daily Active Addresses | Source: Santiment

Amid the recent rally in GALA price, we have begun to see a jump in the daily active addresses on the Gala ecosystem too. This is a natural phenomenon as a rally in a token price is almost always followed by an increase in the interest in the token on-chain, and more people who were HODLing on to their coins become active once again. There are other newer investors who want to jump into the bandwagon too, and all of this add into the excitement and hubbub of a rally in a bear market.

GALA SUPPLY ON EXCHANGES AT AN ALL-TIME-HIGH!

GALA Supply on Exchanges (as a percentage of total supply) | Source: Santiment

While the news and technicals might look positively optimistic for the GALA price, on the on-chain metrics front, things aren’t that rosy. For example – GALA’s Supply on Exchanges (as a percentage of total supply) is currently at an all time high of 12.76%. While 12.76% isn’t too much of a concern, what is concerning is the strong upward move in the supply that is on the exchange wallets.

Increase in the supply on exchanges during a rally typically indicates that a lot of people might be in the market to sell and book a profit, thus displaying a sell on high mentality.

Conclusion

Thus in conclusion it is safe to say that Gala Games’ native crypto token, GALA should be a token that investors keep an eye out for. It has a lot of good news coming its way and things seem very optimistic for the token and if broader market sentiments improve, GALA can see a continued rally going forward. From technicals to active addresses – all indicate positive action on the coin, while GALA’s supply on exchanges could be a source of concern, but it’s nothing very significant in its current state.

Prices as on 11 January, 2023.