- Mina price has made a strong bullish rebound in the past few days.
- The token jumped to its highest point since October 26th.
- Mina’s ecosystem and number of users is increasing rapidly.
Mina Protocol price made a strong bullish breakout as sentiment in the crypto industry improved. The $MINA token surged to a high of $0.7240, the highest point since October 26th. At its peak, the coin was up by more than 30% from the lowest level this month.
Mina ecosystem growth
Mina is a leading protocol in the blockchain industry that makes it possible for developers to build quality decentralized applications (dApps). It is a competitor to other layer 1 and layer 2 networks like Ethereum, EOS, and Tron. its token has a total market cap of over $730 million.
Mina price has surged for several reasons. First, the token surged because of the strong performance of bitcoin, which made a bullish breakout to the highest point this year. It moved to a high of $36,300, opening the possibility of it hitting $40,000 in the next few days. In most cases, altcoins like Mina tend to have a close correlation with Bitcoin.
Second, Mina is gaining popularity among users. For example, the number of Mina accounts has jumped to over 181k in the past few days. At the same time, the total user transactions jumped by more than 10k in the past 24 hours to over 4.6 million. This is a sign that the network is gaining traction among crypto users.
Third, the developers are about to create a bridge between Mina Protocol and Ethereum. And finally, they are also conducting a network upgrade. In a tweet, Mina said that it was halfway through Track 3 of the Testworld testnet. In the next stage, Mina ecosystem and partners will be invited to redeploy their smart contracts for testing.
Meanwhile, Mina’s futures open interest have jumped sharply inn the past few hours. In Binance, they jumped to over $21.7 million. They are followed by Bybit, BingX, and OKx.
Mina price forecast
The 4H chart shows that the MINA token price has made a strong comeback as it jumped to the highest point since October. The token has jumped above the 50-period and 25-period moving averages while the Relative Strength Index (RSI) has moved to the overbought level.
Before this comeback, the token formed a small rounded bottom, which is usually a bullish sign. Mina’s volume has also jumped. Now, with Bitcoin being in a strong rally, the outlook for the token is bullish, with the next level to watch being at $0.9690, the highest point this year. This price is about 30% from the current level.
