GALA Token,an Ethereum-based cryptocurrency has been on an impressive run of late, with its price exceeding $0.048 for the first time in months. This significant milestone looks likely to be followed by more upward momentum, especially if large holders continue to invest in the coin. Given its recent success, GALA could emerge as one of the strongest altcoins in 2023.
GALA has been gaining significant traction across the crypto market, with many investors and traders taking an interest in the Ethereum-based asset. GALA’s rapid ascension has been attributed to a variety of factors including its unique DeFi features, low transaction fee, transparency and immutability.
The increasing demand for GALA tokens has been further backed by notable whale transactions. According to data from Santiment data, large holders have been accumulating GALA over the last couple of months, driving up its price. It is believed that such activity could set the coin on track for even greater success in the future.
GALA Token price analysis
The Gala token is trading at $0.04448, with a 24-hour trading volume of $1,858,451. GALA is up by 16.59% in the last 24 hours. Over the last week, GALA has seen an impressive +132.21% growth. GALA’S trading volume has grown by 57.04% in the same period, making it one of the most actively traded Ethereum-based assets.
The technical indicators are showing a strong bullish momentum for GALA. The coin has broken through the critical resistance at $0.042 and could continue its uptrend if the support is maintained above this level.GALA’s price is well trading above the 50 day and 200 day SMA.
The RSI is also sitting in the overbought territory, confirming a strong bullish trend at this stage. Further technical indications show the Chaikin Money flow index as well as the Stochastic RSI are both in favour of bullish momentum for GALA, indicating a rise in buying pressure.
The next key resistance levels for GALA are at $0.047 and then $0.051, which could be tested in the short-term. The current bullish momentum would need to be sustained for these levels to be tested and breached.
Overall, GALA Token has been gaining significant traction in the blockchain market and looks set to continue its upward trajectory in the near future. With whale transactions continuing to back up its growth, GALA could emerge as one of the strongest altcoins in 2023.
