Mina Protocol Price Prediction: Extremely Bullish Above $3.52

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Mina Pro­to­col price has held quite well recent­ly, even as oth­er cryp­tocur­ren­cies have strug­gled. The coin is trad­ing at $3.28, a few points below this week’s high of $3.51. How­ev­er, it has risen by over 105% from the low­est point in March this year. Sub­se­quent­ly, its total mar­ket cap has risen to $1.45 billion.

Mina Pro­to­col is a rel­a­tive­ly new blockchain that will be an alter­na­tive to exist­ing net­works like Ethereum and Solana. Its main fea­ture is that it uses zero-knowl­edge (zk) rollups, which are sig­nif­i­cant­ly light­weight and faster than con­ven­tion­al projects. As a result, the devel­op­ers say that the Mina Blockchain will have a size of 22kb while exist­ing plat­forms have an aver­age size of over 300Gb.

Unlike Ethereum, Solana, and Avalanche, Mina does not have a real ecosys­tem for now because its SDK is yet to be launched. But the Mina Foun­da­tion has pro­vid­ed grants to more than 1,000 devel­op­ers who will unveil their projects when the main­net goes live. It has also part­nered with 0(1) Labs, Chain­Safe, Nil Foun­da­tion, and Polygon. 

At the same time, Mina has attract­ed the atten­tion of investors. In March, the foun­da­tion raised $92 mil­lion from a group of investors led by Three Arrows and FTX. It plans to use this fund­ing to grow the ecosys­tem by hir­ing more devel­op­ers and extend­ing grants. 

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Still, Mina faces a tough road ahead. The smart chain indus­try has got­ten extreme­ly crowd­ed, with tens of projects. Some of the plat­forms with a strong mar­ket share in the indus­try are Solana, Avalanche, Ethereum, and Cronos. How­ev­er, these projects are also extend­ing mil­lions of dol­lars in grants to incen­tivize devel­op­ers. There­fore, as a new project, there is a like­li­hood that it will strug­gle to gain mar­ket share.

Mina Protocol price prediction

The three-hour chart shows that the MINA price has been in a strong bull­ish trend in the past few weeks. The coin remains slight­ly above the upper side of the ascend­ing chan­nel pat­tern and the 25-day mov­ing aver­age. It has also formed a break and retest pat­tern, which is usu­al­ly a bull­ish sign. 

There­fore, at this stage, the out­look of Mina Pro­to­col is neu­tral. A bull­ish view will be con­firmed when the prices rise above the resis­tance point at $3.52, the high­est point this month. Con­verse­ly, a drop below the sup­port at $3 will sig­nal that bears have prevailed.

Mina price

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