MINA, the token that powers the zero-knowledge (ZK) proof-powered Mina Protocol, has seen a huge pump, nearly doubling in price since the start of the week.
Last trading at $0.76, MINA is up around 63% in the last 24 hours, as per CoinGecko.
At earlier session highs in the $0.90s, MINA’s 24 hour price gain was as much as 100%, meaning its price had more than doubled in one day.
The Mina Protocol refers to itself as the world’s “lightest” blockchain, thanks to its small and consistent blocksize that, thanks to ZK proof technology, remains unchanged regardless of the number of transactions or smart contracts running on the network.
MINA’s market cap was last around $750 million, with the token’s latest pump attributed to an announcement from major Korean crypto exchange Upbit that they will be listing the token.
MINA’s listing on Upbit opens the door to a flood of potential new retail crypto investors.
It’s worth noting that South Korea is one of the countries with the highest rates of crypto adoption and ownership in the world, so listings on exchanges there can have a big market impact.
Upbit noted that MINA deposits must be made via the Mina Protocol’s blockchain, which should spur the protocol’s on-chain activity.
MINA’s pump has also coincided with a huge rally in the price of Bitcoin and other cryptocurrencies on optimism the US SEC will soon approve stop Bitcoin ETFs.
Price Prediction – Where Next for Mina Protocol (MINA)?
MINA’s huge pump since the start of the week has seen it break convincingly to the north of a key long-term resistance level around $0.50.
This level was notable because the downtrend from the late 2021 highs, 200DMA and support-turned-resistance from mid-2023 all coincided here.
Therefore, a decisive break above this key area unsurprisingly acted as a significant catalyst for technical buying.
And that technical buying is unlikely over, with the bulls likely targeting a near-term test of 2023 highs in the $1.23 area.
Beyond there, bullish targets include the March 2022 lows near $1.60 and the late 2021 highs at $6.60.
If a new MINA bull run has begun, all these levels could well be hit in 2024.
The Mina Protocol is one of the most advanced blockchains in the market – its ZK proof technology means it is as secure, decentralized, fast and cheap as any other blockchain on the market.
It’s still small market cap of around $750 million means there is plenty of room for upside for MINA as the Mina Protocol benefits from further adoption.
With big backers like Coinbase having funded the project in the past, who’s to say MINA can’t 100x and hit a market cap of $75 billion.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
