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Mina Protocol Jumps By 60% in One Week — When Will MINA Hit $2?

Last Updated December 27, 2023 12:15 PM
Nikola Lazic
Last Updated December 27, 2023 12:15 PM

Key Takeaways

  • MINA’s 60% surge reflects crypto market dynamism.
  • Chart points out the potential for MINA to reach the $2 milestone.
  • Technical analysis predicts further MINA price increase

In the ever-evolving landscape of cryptocurrency, remarkable surges often capture the market’s attention, signaling both opportunity and intrigue. This past week has been particularly noteworthy for Mina Protocol, as its native token, MINA, witnessed an astonishing 60% jump in value. 

As MINA keeps advancing and is currently at $1.40, this surge reflects the dynamic nature of the crypto market and poses an important question to investors: will MINA hit the $2 mark soon?

In this article, we delve into the factors driving Mina Protocol’s recent success, exploring the underlying technology, market trends, and investor sentiment that have catapulted MINA into the spotlight.

With a blend of expert analysis and market data, we aim to provide a comprehensive understanding of MINA’s trajectory and the potential milestones ahead. 

Driving Factors

The price of MINA started increasing on December 19, and it is no wonder that it did, considering how many fundamental factors have been seen since then. 

First and foremost, on December 19, Mina Foundation made a significant announcement of a newly appointed CEO, Kurt Hemecker, an acclaimed business development specialist in the FinTech space. 

In the same announcement, it revealed that the Mina Foundation has moved its operations to Geneva, Switzerland, for its regulatory benefits and networking opportunities with the cryptocurrency community located there. 

This bolstered the sentiment towards MINA as it was viewed as a stepping stone towards further expansion. 

The second factor is the release of the Paima ZK layer. After a year of development, it can deploy Zero-Knowledge (ZK) proofs to any Layer 1 (L1) ecosystem, supporting EVM and non-EVM codebases.  

 

Paima Studios developed it in collaboration with Mina, ZekoLabs, and Class Lambda, and it represents a significant advancement in blockchain gaming technology. This layer enables dynamic scaling of on-chain games by creating new ZK instances for load balancing akin to “world select” in traditional web2 games. 

Importantly, it allows for combining actions from different ZK instances into a single, constant-size proof using Mina’s recursive SNARKs, ensuring that computational costs remain nearly constant regardless of the number of players. 

MINA Price Analysis 

From October 11, when the price of MINA fell to $0.35, its lowest point since the all-time high, we saw the start of a bull phase. At first, a parabolic upward move occurred, with the price spiking to $0.96 on October 24, but the daily candle closed at $0.74, leaving a larger wick on the daily chart. 

More upside expected
Daily chart

Even though the price was quickly pushed back, the following structure formed higher lows. This indicates that a moving upside can happen after its consolidation, which is what happened. 

The consolidative ascending structure was wave 2, according to our count, in which, from October 11, we saw the start of a five-wave impulse to the upside. If this is true, then from December 19, when the price came to $0.67, wave 3 started developing. 

Projecting with the Fibonacci extension tool, we have a price target of $1.53, where the 1.618 Fib level is, meaning there is more short-term upside potential. However, it would still be off by 26% from its $2 milestone. 

But as this may be only a wave 3 out of 5, after a minor setback for its wave 4 correction, another high can happen. It would have the potential to bring the price of MINA to $2 eventually. 

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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