DWF Labs has ramped up its activity with GALA, depositing another 10 million tokens (worth $616,000) to Binance within the last day.
Over the past 31 hours, the firm has transferred a total of 30 million GALA across four transactions, with an average price of $0.05504. These deposits amount to $1.65 million.
Despite these significant movements, DWF Labs still holds a substantial 58.31 million GALA tokens, valued at $3.56 million. However, the price of GALA has shown a tendency to dip following these deposits, highlighting the potential market impact of such large-scale transactions.
In the broader market, GALA has experienced impressive gains, with its price pumping 20.91% in the last 24 hours and over 50% in the past week. Currently, GALA’s market capitalization has surpassed the $2 billion mark, reflecting growing investor interest and adoption.
From a technical perspective, GALA has established strong support at $0.050 and is facing resistance at $0.065. Analysts suggest that breaking this resistance could set the token on a path toward its next target of $0.10.
https://twitter.com/spotonchain/status/1864174782847308279?t=eXbXfLjQlSjziYpnyV9Cag&s=19
The price surge comes amid increased activity and speculation in the cryptocurrency space, with GALA emerging as one of the top-performing assets. However, the correlation between DWF Labs’ deposits and price fluctuations underscores the delicate balance of market dynamics.
As GALA continues its upward trajectory, it remains to be seen whether it can maintain its momentum and break through key resistance levels, paving the way for further growth. For now, the asset is positioned as a strong contender in the evolving crypto landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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