MINA Price Analysis: What is Mina and Why is it Soaring?
The Mina price surged to the highest level since May this year as demand for the platform jumped. MINA rose to a high of $6, which was about 46% above the lowest level last week. The coin is now trading at $5, bringing its total market capitalization to about $1.45 billion.
What is Mina?
Mina is a blockchain project that prides itself for being the lightest network. In its website, Mina says that its entire blockchain is about 22 kb. It achieves that by applying advanced cryptography and recursive zk-SNARKs to deliver true decentralization at scale.
It is also a different platform than other platforms because it replaces the blockchain with an easily verifiable, consistent-sized cryptographic proof. As a result, all this leads to a highly scalable and quick platform for both developers and users.
Mina focuses on three key types of use cases. First, to improve the security of the network, it uses end-to-end data privacy tools. Second, it uses permissionless web oracles. Finally, it uses just one web login.
Mina price prediction
Mina was a relatively popular cryptocurrency a few months ago. This helped push its price to an all-time high of almost $20 in May this year. Like most coins, its price then started tumbling and interest in it faded.
Today, the coin is attempting to come back to life. On Wednesday, it managed to move above the key resistance level at $5.35, which was the highest level on October 26th. It is currently below this level. Still, it is slightly higher than the 25-day and 50-day moving averages.
In the near term, I suspect that the MINA price will keep soaring as investors target the key resistance level at $6.48, which was the highest level on September 14. This view will be invalidated if the price falls below $4.