ATMTA, the company behind the Solana-based game Star Atlas, is preparing for a 1,000-player stress test on private servers to demonstrate the game’s immersive environments and the integration of MetaGravity technology.
This test, part of the game’s development process, will involve real players in a single server instance to evaluate performance. Star Atlas, which combines MMO elements with Solana NFTs and tokens, is developing a rich, persistent Metaverse and has already made a mark with smaller-scale projects like SAGE Labs, contributing significantly to Solana network traffic.
Star Atlas has garnered attention since its launch in 2021 and now, despite being in beta, especially at events like the 2023 Solana PlayGG in San Diego. But with the bear market, many Metaverse projects faded from the investor’s attention, which was also the case with Start Atlas and was reflected in the ATLAS token price.
As the bullish sentiment returns and the platform displays a working product, can the newly found interest be sparked along with the rising price of ATLAS?
Since its peak of $0.22 on November 25, 2021, the price of the ATLAS token has been on a continuous downtrend, making a multi-year bear cycle. The momentum was sustained until it fell to $0.0013 on July 11, 2023, its all-time low.
It started forming a price plateau, moving between $0.0013 and $0.0016 for about 100 days, but finally, on October 22, it started increasing again and breaking out from the minor range. It did so with strong bullish momentum, gaining 460% measured to its high of $0.0078 on December 1.
This rise could have signaled the start of the new bull cycle for the price of ATLAS, and as we saw a pullback of 37% since the high, this could be its first bull market correction. Although it is still a shallow one, with some recent bullish signs, it could be over.
Zooming into the recent declining structure, we see a three-wave move, typical of a corrective pattern. With the recent price rise of 15% from January 14, there is a strong chance we have seen the beginning of the next upward move that will result in a higher high. However, the price is still within the bounds of the descending triangle.
This is why, to expect further upside, we first need to see a breakout above the descending resistance level. If rejected, it could be sent for another lower low, but likely a final one. As this descending triangle is likely a corrective one, we would eventually expect further uptrend continuation.
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