Summary
TLDR: Gala’s price has surged by over 90% in two days, benefiting some investors but leaving many underwater. Whales have started selling their holdings, indicating a potential correction. The MVRV ratio suggests profit-taking may trigger a sell-off. The price may correct to $0.06 if selling continues, but could bounce back to $0.10 if investors hold off selling.
Key Points
1. The Gala price growth has been one of the most impressive rallies in this bull run, with the altcoin gaining by over 90% in two days, leading to long-due profits for many investors.
2. Nearly 50% of Gala holders are currently underwater, awaiting a rally that might be difficult to achieve due to the high prices at which they purchased their supply.
3. The Market Value to Realized Value (MVRV) ratio for Gala is at 88%, signifying potential profit-taking and triggering a sell-off, with historical patterns showing significant corrections often occur when MVRV climbs above 34%.