GALA Price Rises 90% in 2 Days: Are Whales Trying to Take Profits Now?

Gala’s price growth has been one of the most impressive rallies in this bull run, with the altcoin gaining over 90% in two days.

This indicates that many investors are enjoying long-awaited profits, but for some it is not the best outcome.

Investors await earnings

The recent rally, which took the Gala’s price to $0.076, was a spectacle for about 48% of all holders. These addresses purchased their supply at a price lower than the exchange price. But for the rest of investors this is not the case.

Nearly 50% of holders are currently underwater, awaiting a rally that could be quite difficult to pull off. The reason is that most of these investors bought their supply closer to the all-time high, which would require a 750% price increase to become profitable.

In general, a solid rise, as noted by this cryptocurrency, initiates further growth, but this time it may not be the case. One of the most notable groups: Whales have already started making profits and selling some of their supply.

Addresses with between 100,000 and 10 million GALAs sold over 30 million GALAs within ten days. Most of these sales are concentrated in the period in which the price of the Gala began to rise, therefore making further increases a real sales event.

Gala Whale Estates. Source: Santimento

Furthermore, the profits enjoyed by altcoin holders are the largest they have seen since November 2021. The Market Value to Realized Value (MVRV) ratio evaluates investors’ average profit or loss after acquiring an assets. Specifically, the 30-day MVRV reflects the gains or losses from purchases in the previous month.

For Gala, the 30-day MVRV of 88% means an 88% profit for recent investors, potentially prompting profit-taking and triggering a sell-off.

MVRV Gala Report. Source: Santimento

Historical models show that when the MVRV exceeds 34%, significant corrections often occur, leading to the term “danger zone” for this area. And since Gala is well above this threshold, the probability of making profits is much higher.

Gala Price Prediction: Will It Drop?

The Gala price has a good chance of correction. The signals are already visible in the form of red candles, which are noted on the daily timeframe. If the whale selling continues, a drop to $0.06 would likely erase some of the recent gains.

GALA/USDT daily chart. Source: TradingView

However, if investors show resilience and hold off on selling, expecting further increases, Gala’s price could rebound from $0.072. This would provide GALA a boost to break above the $0.0845 resistance level, allowing for a potential rally to $0.10, invalidating the bearish thesis.

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