Mina Soars Over 100%, Here is What You Need to Know

Within the last week, Mina Protocol’s MINA token has emerged as the top gainer among the 300 leading cryptocurrencies, soaring over 100% in the last 7 days. Here’s a concise overview of what’s fuelling this extraordinary rally and key insights you should be aware of. 

What is MINA? 

Mina touts itself as the “world’s lightest blockchain,” staying lean regardless of user activity, facilitating the efficient operation of decentralised applications (DApps)​. And it does this while not compromising security or privacy.  

The cryptocurrency token MINA serves as the lifeblood of the Mina Protocol, used for setting up new accounts and facilitating transactions on the network​. 

Why is MINA Rallying? 

MINA has been advancing in the last seven days, has surpassed the 100%+ mark at one point, and is currently up 91%. Let’s dive into some factors that may be the cause of this.  

Fundamentals – Rising monthly active users  

Without users, protocols like Mina are relatively unattractive for speculators or investors as it could be viewed that there is no use case for what the project is trying to deliver.  

Below is a chart of MINA’s price movement (purple line) and monthly active users (green line) in the last 180 days.  

Mina protocol surges over 100% in the last 7 days.  

Monthly active users on the network were on the rise before the market move.  

A technical resistance level was broken four weeks prior to the price advance.

We can take away from this chart that since September, there has been a notable uptrend in active monthly users, which preceded the token price advance.  

The Mina token is used to deploy and interact with dApps on the network, so an increase in regular traffic may spell a higher demand for the token itself.  

Technical Analysis – Long-Term Resistance Broken 

A downward trendline that started in February this year had been breached and broken in early October.

We then saw price stabilisation for a few weeks before the price of MINA made a substantial advance.  

Sitting now at an area of resistance from early 2023, time will tell if the Mina bulls continue to drive price higher.