Last updated: December 25, 2023 07:45 EST . 2 min read Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.
Source: AdobeStock / lilyl

Ever since breaking the downtrend in late October this year, the Mina Protocol has gone from strength to strength.

Currently ranking #64, MINA has a market capitalization of $1.24 billion. Its price was up nearly 15 in 24 hours at one point.

It’s currently up 76.3 in a week, 53.7 in a month, and 157.5 over the past year.

In the two months since October, the token increased in price from $0.39 to $1.2, which begs the question – is there still fuel in this rocket?

Mina Could Break Through The Current Ceiling


If we look at the token’s chart history, since August 21, we’ll see that it behaved as expected in the bear market, decreasing in value slowly but surely.

On the daily chart, there are a couple of key levels to keep in mind: previous highs that will most likely act as resistances and later support levels.

The first one is its current level – $1.2. This level acted as a local top and resistance on two occasions: in May 2022 and, more notably, in February 2023.

As Mina is currently dancing around this level, it’s worth keeping an eye on it to see if it breaks through this ceiling or falls back down.

If the latter happens, the next key range would be around the $1 mark.

If indeed it does break, there’s practically nothing stopping it from reaching at least $3.5, possibly even $4, as round numbers usually serve as psychological barriers.

The next major milestone would be its all-time high of $6.5. After that, who knows.

Source: TradingView

Meanwhile, as reported, Mina developers introduced an update that will make it compatible with Ethereum.

Mina Protocol uses zero-knowledge proofs to increase speed and scalability. The update would enable Ethereum developers to use the Protocol as a layer-two network for Ethereum.

This could increase adoption and create additional use cases, boosting MINA’s price.

More Altcoins Are Readying to Rally


Besides MINA, some other notable altcoins with strong fundamentals seem to be gearing up for quite a 2024.

These include newer tokens with high potential and meme tokens with notable utility.

One of the coins to highlight is Sponge (SPONGE), an ERC-20 token listed in April.

The project is launching the token’s second version, with a new staking model and connection to a SpongeBob-themed play-to-earn (P2E) game.