- GALA remains stable in 24 hours but faces a 3.13% weekly decline.
- A breakout from the third descending channel strengthens bullish sentiment.
- Technical indicators suggest that momentum is building with clearer upside targets.
- Rising open interest signals increasing market participation.
GALA remained stable over the past day but is down 3.13% weekly. A confirmed breakout, rising open interest, and positive funding rate highlight bullish potential with clearly defined upside targets ahead.
At the time of writing, GALA is trading at $0.01759 with a market capitalization of $793.88 million. Trading volume is $92.25 million, recording a 13.21% dip in the last day, yet interest in the token’s trajectory remains strong.
Breakout From Third Descending Channel
According to crypto analyst Jonathan Carter, the technical setup on GALA’s daily chart shows a confirmed breakout from its third descending channel. The retest of the breakout level at $0.01758 strengthens the bullish outlook and suggests that the prolonged downtrend may finally be losing traction.
The market now has clear upside targets at $0.0235, $0.0330, and $0.0430. These levels represent potential checkpoints in GALA’s climb. If sustained, such a progression could mark the transition from an extended bearish phase into the early stages of a bullish cycle.
GALA Technical Indicators Align With Bullish Bias
Several indicators support the emerging bullish structure. GALA is trading above its 50-day moving average, making this level a dynamic support. Meanwhile, the Relative Strength Index (RSI) is steady, suggesting enough space for additional increase before hitting overbought levels.
Trading volume is also starting to validate the breakout. After consolidating for months in the $0.013-$0.0155 area, larger players appear to have established positions. Thinner resistance areas above current price levels suggest the possibility of more rapid upward moves once momentum picks up.
Also Read: GALA May Soon Break Out and Surge by 130%: Analyst Says
Rising Open Interest Signals Renewed Participation
According to Coinglass data, open interest rose 5.51% to $125.89 million, reflecting heightened participation and stronger interest among traders. Such a rise usually precedes strong price movement if supported by even modest volume advances.
Furthermore, the OI-weighted funding rate is still positive at 0.0105%. This shows that long positions are in control, and bulls are willing to pay a premium for bullish exposure.
Though the signal is positive, it carries mixed reflections, leaving room for stronger conviction if volume and OI continue to grow. As the momentum gradually falls into place, GALA is now ready for a possibly trend-defining rally in the coming sessions.
Also Read: Gala Games to Officially Discontinue Popular NFT Game
