GALA Token Hits 2022 Highs with Over 65% Surge, What’s Next?

• GALA surged 40% in 24 hours, reaching $0.08587, a level not seen since May 2022.
• GALA’s surge pushed its market cap past $2 billion, securing the top spot on the gainers’ list.

The cryptocurrency markets continued a surge over the weekend, with Bitcoin and Ethereum hovering just above key thresholds of $70,000 and $3,950, respectively. However, amidst this bullish trend, most of the altcoins were reaching new highs, and one such Gala Token (GALA) managed to steal the limelight. GALA displayed a 44% surge in the last 24 hours, rising from $0.06098 to $0.08622. Additionally, the market cap of GALA breaches $2 billion and secures the top spot on the gainers’ list.

Despite the significant surge in price, there were no major announcements from the GALA other than Gala Games’ recent partnerships with Alienware and Amazon Web Services (AWS) for a hackathon program at the 2024 Game Developers Conference (GDC).

GALA’s Next Target

At the time of writing, GALA is priced at $0.07422, with an intraday gain of 24%. Further, a weekly return ratio of 67% and a monthly return ratio of 202% indicate continued upward momentum, foreseeing a potential retest of the $0.095 mark soon. Additionally, GALA tokens witnessed a substantial spike in daily trading volume, soaring by over 120% and surging to $1.76 billion within the past 24 hours.

GALA Price Chart (Source: TradingView)

If GALA continues to uptick and sticks above $0.085, it may set a new target at $0.098 and beyond. In a highly optimistic scenario, the rally could extend toward peaks of $0.18, which could trigger even more rallies toward $0.23. 

However, in the event of market corrections, if GALA fails to stay above the $0.085 range, it may witness a decline toward the support level at $0.037. This could propel the price down to $0.026, which would pave the way for the bearish zone.