The cryptocurrency market crashed again on January 7, extending the losses of play to earn assets. Gala Games (GALA) kept close to its recent lows at $0.34. The overall market cap of play to earn assets still hovers around $24.5B, dragged down by the recent slide of Ethereum (ETH) closer to $3,200.
GALA slid by 24% in the past week, as most of the market erased value. At the same time, the project team is optimistic about game developments in the coming year.
GALA Price Prediction: Can GALA Recover
GALA is a relatively low per-unit price token, with inherently higher volatility. GALA has the potential for upside with relatively small trading volumes, possibly reacting with a strong recovery if the market mood shifts.
GALA also relies on Binance trading pairs, with a recently added GALA/AUD market. This concentration of trading means GALA can be lifted in the short term by traders targeting the most liquid pairs.
GALA Price Prediction: Gaming Upgrades in 2022
Gala Games plans to launch Gala Chain by the end of the year, expecting the GALA token migration to be one of the big news for the year. Gala Games will thus be independent of Ethereum gas fees and potentially grow its adoption.
GALA has not been offered in an ICO and token growth will depend on demand for gameplay.
The Gala Games team also promises new items and game launches throughout the year, ensuring the GALA market price is supported by regular updates.
GALA Price Prediction: Holders Out of the Money
The GALA phenomenon arrived late in 2021, sparking a buying spree during the latest series of rallies. For that reason, about 43% of GALA buyers hold coins since less than a month. At prices of $0.34, 72% of investors are out of the money.
GALA presents a bearish attitude, much like similar assets erasing value. At this point, one of the possible scenarios is the price has bottomed out after a correction and may present a buying opportunity as GALA regains higher positions.
GALA Price Prediction: The Influence of Nodes
GALA network nodes may become one of the attraction points for this asset. Nodes on the Gala Network are sold on an increasing scale, starting at $2,000 and reaching prices above $80,000 based on reports toward the end of 2021.
Demand for nodes and locked coins signals network growth, which may be bullish in the long term for GALA market prices.
