- Mina Protocol crypto price surged to its May 2022 highs.
- The network has seen strong growth as total transactions crossed 5M.
- The Total Payment Value spiked to over 8.1 billion MINA tokens.
Mina Protocol price continued its recovery even as Bitcoin and other coins retreated. The token jumped to a high of $1.551 on Wednesday, its highest point since May 2022. It has soared by more than 317% above the lowest point in 2023, giving it a market cap of over $1.4 billion.
Mina Protocol account growth
It is unclear why the MINA price is soaring. A likely reason is that investors are simply cheering the network’s ecosystem growth. Data compiled by Minascan shows that the number of user transactions rose by over 10,530 in the past 24 hours and crossed the 5 million mark. This is a big milestone for the network.
The other important metric is that the number of accounts in the network is growing. These accounts jumped to over 191k and are expected to hit over 200k in the coming weeks. Further, the Total Payment Value (TPV) in Mina rose by over 30.2 million to over 8.17 billion MINA. At the current price, this transaction value is worth over $11 billion.
Mina price is also soaring after the developers unveiled zkIgnite, a cohort-based community-governed innovation fund that aims to supercharge the network. The program will provide both funding and mentorship to developers building on the network. 2 million MINA tokens are up for grabs during this program.
The other likely reason why the MINA token is rising is that it is being pumped by social media users. A closer look at key social media platforms like Twitter (X) and StockTwits shows that it is one of the most trending coins.
Mina price forecast
The daily chart shows that the MINA token price has been in a strong bullish trend in the past few weeks. Most recently, the token flipped the important resistance point at $1.22 into a support point. This was a crucial level since it was its highest point on February 15.
Mina token price has remained above the 50-day and 100-day Exponential Moving Averages (EMA). The Relative Strength Index (RSI) has moved to the extremely overbought point of 80. This is a sign that the token is having strong momentum.
The Average Directional Index (ADX) has moved to over 50, signaling that the trend has strength. I suspect that the token will retreat and retest the support at $1.22 and then resume the bullish trend.
