• MINA, the native token of the succinct blockchain Mina protocol, has seen a surge in its price in the last week.
• The surge is attributed to the upcoming launch of Cohort 1 and its associated rewards of $500K USDC and 500K MINA.
• Technical indicators are pointing towards more gains for MINA with a potential 44% run to $1.6.
Mina Protocol – A Succinct Blockchain
The Mina protocol is a minimal „succinct blockchain“ built to curtail computational requirements to run DApps more efficiently. At its core, it delivers an efficient distributed payment system where users can natively verify the platform right from the genesis block.
MINA Price Surge
MINA started 2021 with a dull outlook, but soon bulls took over and raised the price 30% between January 8 and January 16 to a high of $0.58. Over time, MINA price rose further crossing above the $1 mark and on February 11 saw a 62% surge to $1.155. Bears are currently trying to break this rally but technical indicators support further upside with potential 44% gains up to $1.6 at present trading at around $1.098 with increasing trading volume and market cap of $921 million placing it at #54 on CoinMarketCap rankings.
Cohort 1 Launch Date Approaching
The recent price surge for MINA comes as Cohort 1 launch date draws near, an initiative meant for developers building zkApps and tooling on Mina Protocol that will reward top projects with $500K USDC and 500K MINA tokens each according to official blog post by Mina protocol .
Bulls Eyeing 44% Gains
With bullish technicals in play for MINA price, bulls eye 44% gains up to reach levels around $1.6 if bears cannot break this rally successfully .
Key Levels To Watch
MINA traders need keep an eye on key levels such as reaching above or below certain marks like previous highs/lows or other technical indicators such as golden cross etc., that may influence future direction of token’s prices or volumes.