The Mina price popped to a multi-month high as demand for the protocol jumped. The Mina protocol price rose to $6.26 on Tuesday, bringing its total gains since July to more than 578%. The network has a market capitalisation of more than $1.4 billion, making it the 77th biggest cryptocurrency in the world.
What is the Mina Protocol?
Mina Protocol is a blockchain project that was started to solve some of the biggest challenges facing the industry. It is a payment-oriented blockchain offering similar functionality to Bitcoin but with different transaction semantics.
It uses an account-based model where each block contains a commitment to the state but not the entire state. It uses the proof-of-stake consensus protocol for succinct blockchains called Ouroboros.
The Mina price rallied as demand for the coin jumped. The most recent news was that the protocol had teamed with Polygon in a bid to enable privacy-preserving applications on Polygon. In a statement, the CEO of Mina said:
“Mina Foundation shares Polygon’s dream of a fully decentralized ecosystem of dapps empowering users with control over their own data privacy. We are very excited about the privacy-preserving and verifiable applications that will be launched on Polygon utilizing Mina Protocol.”
Mina price prediction
The four-hour chart shows that the Mina protocol price has been in a strong bullish trend recently. The rally accelerated after the recent teaming up with Polygon, the fast-growing layer 2 platforms.
Along the way, Mina remains above the 25-day and 50-day exponential moving averages (EMA). The coin is also trading along the highest level since September 11th while the MACD is above the neutral level.
Therefore, the Mina protocol price will likely maintain the bullish trend as long as bulls hold steady above the resistance at $6.3.
The alternative scenario is where it drops below $4.53, which is the neckline of the double-top pattern.