The recent price performance of Gala took the crypto community by surprise. At press time, the GALA token posted 60% gains over the last 24 hours to trade at $0.03691 — a nine-week high.
Similarly, Zilliqa recorded 47% gains over the same period, while large caps Solana and Cardano were up 19% and 17%, respectively.
Given the backdrop of macro uncertainty, including sustained elevated inflation and a downturn in housing, not least the ongoing crypto winter narrative, bears are in disbelief over the price action.
Gala price kicks back into life
Since the onset of crypto winter, many tokens have suffered severe drawdowns, with 90%+ losses not uncommon. Gala is no different.
GALA’s all-time high of $0.8248 was achieved on Nov. 26, 2021. Having bottomed at $0.01584 on Dec. 29, 2022, the peak-to-trough percentage loss amounted to -98%.
Since the local bottom in late December 2022, GALA has gone on to hit a peak of $0.04090 on Jan. 8, the equivalent of 158% gains. In doing so, it has broken a downtrend established in mid-August.
It remains to be seen whether GALA can build on the momentum to recapture the $0.04892 level, which has proven strong resistance in the recent past.
Supporting GALA’s unexpected price performance is a series of significant fundamental developments.
Fundamental developments
On Jan. 8, Gala tweeted about a partnership with movie stars Dwayne Johnson and Mark Wahlberg to Gala Film and Gala Music. The GALA token is used as gas on these platforms.
Both Gala Film and Gala Music tap into Web3 utility by rewarding node operators and token holders for their support of the decentralized network on which films and music are stored. In essence, the concept is about disrupting existing film and music monopolies.
“Nodes are the foundation of our decentralized entertainment ecosystem. By owning and operating a Film Node license, you can support the hosting of content across Gala Film and receive rewards for your contribution!”
Similarly, Jason Brink, Gala’s resident “Barbarian: Path of the Berserker,” recently announced the firm is set to pivot to mobile in a big way.
Brink explained that, in the past, app stores and phone manufacturers were generally hostile toward blockchain gaming. However, recently, there has been a 180 in attitude, leading to productive conversations at the corporate level.
“In recent months, there has been a thawing of the attitude towards Blockchain, with more and more opportunities for integration opening up. Previously, in high level talks, we weren’t able to make much progress…this is no longer true.“
Brink did not disclose details on new releases at this stage, but he did tease what this could mean for the Gala project.
Source: https://cryptoslate.com/bears-in-disbelief-as-gala-defies-crypto-winter-jumping-60/