Gnosis price defied gravity this week as demand for the token jumped. The GNO crypto price soared to a high of $207.87. It has jumped by 43% from its lowest level this year. According to CoinGecko, it has a market cap of over $497 million, making it the 93rd biggest crypto in the world.
What is GNO and why is it rising?
Gnosis is a leading blockchain project that has been researching and building trading protocols in the past five years. In 2021, the platform launched its second version with partnership with Balancer Labs.
The new version leveraged batch auctions to provide MEV protection. It also included integrations with liquidity sources across decentralized exchanges. It also launched CowSwap DEX which slashed its gas fees by over 90%. Gnosis has a total value locked (TVL) of over $90 million. It hopes to use this Dai to boost its network development.
The Gnosis price rose on Friday after the developers announced a new partnership with Maker DAO. In a statement, Maker confirmed that Gnosis had submitted a MIP6 Collateral Onboarding Proposal for GNO, its governance token. The proposal aims to generate at least 30 million DAI against the GNO collateral within the first year.
GNO price also rallie after the developers successfully implemented its main merge testnet successfully. Focus now shifts to applying the Chiado testnet to the mainnet in September when Ethereum merge happens.
Gnosis price prediction
The four-hour chart shows that the GNO price has been in a strong bullish trend in the past few days. The coin managed to move above the important resistance level at $195.18, which was the highest level on August 14. It has risen above the 25-day and 50-day moving average while the Awesome Oscillator has continued rising.
The Gnosis price will likely continue rising in the near term as bulls target the next key resistance level at $250. This price action will be a continuation of what the coin has been doing in the past few days. A drop below the support at $180 will invalidate the bullish view.