Source: Dall•E 3
The Mina Protocol price has fallen to $0.872462 today, representing a 6% drop in 24 hours as the wider market gains by 1%.
Despite this dip, MINA remains up by a healthy 13% in a week and by 42% in the last 30 days, with the altcoin also having risen by 81% since the beginning of the year.
And given the strong 2023 Mina Protocol has had as a blockchain network, MINA is likely to continue gaining into the New Year, potentially rising further up the cryptocurrency rankings.
Mina Protocol Price Prediction as MINA Up 81% YTD – Going Higher in 2024?
MINA’s chart suggests that the altcoin is in a position where it could see further gains in the coming days and weeks, with its indicators still showing good momentum.
Its 30-day average (yellow) continues to rise strongly above its 200-day average (blue), indicating that MINA remains in an expansionary phase, one which isn’t currently showing any signs of ending soon.
Source: TradingView
Likewise, MINA’s RSI (purple) remains above 60, and while the coin has dipped today, its underlying momentum may help it recover quickly.
Indeed, MINA’s support level (green) has increased substantially since the end of October, so it’s unlikely that today’s falls will get any worse.
And while the coin’s 24-hour trading volume is relatively modest today at around $57 million, this is almost a 200% increase over where it was at the start of the month.
In other words, MINA’s short- and medium-term picture continues to look encouraging, so it’s entirely conceivable that it will return to growth very soon.
And as far as its longer term prospects are concerned, the coin could have a strong 2024, given the Mina Protocol’s recent developments.
Most notably, this past week has seen Mina developers introduce an update that will make it compatible with Ethereum.
This is huge. Prove Ethereum activity in o1js (offchain, no gas), verify it on @MinaProtocol (small verification fee). And if you want, pick the verification back up on Ethereum via a message bridge such as @class_lambda is building. https://t.co/80bK4tjxka
— Phil Kelly (@Phil_Kelly_NYC) December 20, 2023
In particular, the update will enable Ethereum developers to use the Mina Protocol – which uses zero-knowledge proofs to increase speed and scalability – as a kind of layer-two network for Ethereum itself.
This could increase adoption significantly in the longer term, producing use cases that will ultimately boost the Mina Protocol price.
The latter is therefore on course to reach $1 in the next couple of months, before potentially nearing its all-time high – $9.09 – by the end of 2024.
Other High-Potential Altcoins with Strong Fundamentals
As promising as MINA looks right now, it isn’t the only altcoin in the market that looks set to rally big in the coming year.
There are also a significant number of newer tokens that are showing high potential, including a new wave of meme tokens with actual utility and fundamentals.
This includes Sponge (SPONGE), an ERC-20 token that originally listed in April of this year, when it rallied by as much as 150%.
It’s now in the process of launching an exciting second version of its token, which provides a new staking model and also ties in with a new SpongeBob-themed play-to-earn game.
Sponge V2 is bringing exciting utility to the new token through our #P2E game!
Users will be able to earn #SpongeV2 tokens by playing the game and ranking on the leaderboard.
Don’t miss out. $SPONGE #Presale #Altcoins pic.twitter.com/5tHsKwwlhP
— $SPONGE (@spongeoneth) December 21, 2023
While details of the upcoming P2E game are currently sparse, it will enable users to earn Sponge V2 tokens according to where they rank on a global leaderboard of players.
Once earned (or bought), users can then stake Sponge V2 tokens, which can earn them up to 40% APY if they keep their tokens locked up for the maximum possible amount of time (which is four years).
And while the second version of the token hasn’t yet launched, holders of Sponge V1 can begin the process of claiming Sponge V2 by staking their existing V1 tokens.
They can do this by going to the official Sponge website, with stakers receiving Sponge V2 coins at a ratio of 1:1.
Important update!
Over 462,906,807 $SPONGE tokens are now staked!
Don’t miss your chance to secure #SpongeV2 tokens
Visit our website for more info!#Sponge #Web3 #Crypto #Altcoins pic.twitter.com/0PGSPPrNFk
— $SPONGE (@spongeoneth) December 19, 2023
The new token should go live in the first quarter of next year, when it could potentially eclipse the performance of its predecessor.
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.
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