GALA Token Sees 194% Rally as On-Chain Activity and Whale Activity Spike
• GALA, the native token of the non-fungible token (NFT) gaming project, has recently seen 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 whale activity.
• The last time GALA saw its current levels was in Q4, 2022, when it crashed behind a market-wide downtrend.
The non-fungible token (NFT) gaming project GALA has been experiencing a bullish price action over the past few weeks. According to data from analytics firm Santiment, the native token of the project has seen an impressive 194% rally since late December 2022. This rally has pushed the token past its previous resistance at $0.048, something that hasn’t been achieved since mid-September.
The spike in GALA’s price is attributed to an increase in on-chain activity and whale activity. The spike in activity preceded the rally, suggesting that further appreciation is possible. Furthermore, Santiment noted that the token is up for the first time since Q4, 2022, when it crashed behind a market-wide downtrend.
The bullish price action of GALA has been an outlier in the larger cryptocurrency market, with other digital assets barely catching up. This has led to speculation that the rally may be sustainable, although it is unclear whether or not GALA will be able to hold its current levels.
Overall, GALA’s price action is an encouraging sign for the NFT gaming sector. The token’s strong fundamentals have been supported by an increase in on-chain activity and whale activity, allowing it to break out of its previous resistance. As the sector continues to grow, it is likely that GALA will continue to experience bullish price action.