Mina Protocol price has held quite well recently, even as other cryptocurrencies have struggled. The coin is trading at $3.28, a few points below this week’s high of $3.51. However, it has risen by over 105% from the lowest point in March this year. Subsequently, its total market cap has risen to $1.45 billion.
Mina Protocol is a relatively new blockchain that will be an alternative to existing networks like Ethereum and Solana. Its main feature is that it uses zero-knowledge (zk) rollups, which are significantly lightweight and faster than conventional projects. As a result, the developers say that the Mina Blockchain will have a size of 22kb while existing platforms have an average size of over 300Gb.
Unlike Ethereum, Solana, and Avalanche, Mina does not have a real ecosystem for now because its SDK is yet to be launched. But the Mina Foundation has provided grants to more than 1,000 developers who will unveil their projects when the mainnet goes live. It has also partnered with 0(1) Labs, ChainSafe, Nil Foundation, and Polygon.
At the same time, Mina has attracted the attention of investors. In March, the foundation raised $92 million from a group of investors led by Three Arrows and FTX. It plans to use this funding to grow the ecosystem by hiring more developers and extending grants.
Still, Mina faces a tough road ahead. The smart chain industry has gotten extremely crowded, with tens of projects. Some of the platforms with a strong market share in the industry are Solana, Avalanche, Ethereum, and Cronos. However, these projects are also extending millions of dollars in grants to incentivize developers. Therefore, as a new project, there is a likelihood that it will struggle to gain market share.
Mina Protocol price prediction
The three-hour chart shows that the MINA price has been in a strong bullish trend in the past few weeks. The coin remains slightly above the upper side of the ascending channel pattern and the 25-day moving average. It has also formed a break and retest pattern, which is usually a bullish sign.
Therefore, at this stage, the outlook of Mina Protocol is neutral. A bullish view will be confirmed when the prices rise above the resistance point at $3.52, the highest point this month. Conversely, a drop below the support at $3 will signal that bears have prevailed.
