Mina Protocol price down 20% as traders take profits

Mina Protocol’s price has declined more than 20% in the past 24 hours after going parabolic on Tuesday to hit its highest price level since March. Mina Protocol’s price was changing hands around $0.40 in the early hours of October 24 before its staggering 125% surge ensued.

But after peaking at around $0.913 amid an explosion in trading volume on Korean crypto exchange Upbit, MINA has traded lower as sell-off pressure threatens to wreck bulls.

Mina Protocol price – what next for MINA?

On a day when Bitcoin pumped to a new year-to-date high above $35k amid fresh spot Bitcoin ETF speculation, Mina Protocol (MINA) had its own surprise charge.

The native token of the world’s lightest blockchain that’s Web3 privacy-focused and powered by zero knowledge proofs benefitted from two possible positive triggers. The first catalyst could have been the bullish sentiment across the broader crypto market amid Bitcoin’s price surge.

A short squeeze across altcoins was responsible for millions of dollars in liquidated positions, including after Ethereum broke above $1,800.

For the second trigger for MINA price, the highly anticipated listing on Upbit, one of the top South Korea-based crypto exchanges, looks to have provided a massive upside boost. Transaction volume soared as highlighted by the team.

The Mina network is currently experiencing extremely high levels of transaction volume, resulting in high demand for SNARK workers.

Community members are encouraged to spin up additional nodes to address the demand for SNARK work and aid network processing.

— Mina Protocol (httpz) 🪶 (@MinaProtocol) October 24, 2023

While bulls can still target the important $1.00 level, which could be a catalyst for more upward movement, the current level of $0.66 leaves sellers at a greater position to target the demand zone at $0.60.  That could open up a possible retest of $0.51, with the primary support area being the recently hit $0.35 low.