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Mina Protocol price hints at gains amid Berkeley upgrade excitement

source-logo  invezz.com 24 May 2024 18:24, UTC

MINA price was up nearly 4% on Friday afternoon, tracking 24-hour gains that could see bulls bounce off a key level.

Ahead of the major network upgrade, the zero knowledge (ZK) blockchain protocol’s native token looks poised for renewed upside momentum.

Mina Protocol’s Berkeley upgrade soon

Mina Protocol is less than two weeks away from the mainnet launch of the highly anticipated Berkeley Upgrade.

Berkeley is an upgrade that will enhance Mina Protocol’s ZK programmability on the mainnet. The community expects this major upgrade will bolster network growth across smart contracts, dApps, Layer 2 blockchains and bridges.

📣 Devs, it’s time to build

The Berkeley Upgrade is just two weeks away – and brings enhanced ZK programmability to mainnet.

Mina’s TypeScript library and unique recursion properties set the stage for completely new and exciting applications! pic.twitter.com/mbRLVgVII5

— Mina Protocol (httpz) 🪶 (@MinaProtocol) May 21, 2024

Developers will benefit from key zero knowledge features such as off-chain computation, cost-effective proof verification and private inputs.

zkApps devs can leverage these aspects to target DeFi, Web3 gaming, proof of personhood, voting systems and real-world asset (RWA) sectors.

As the upgrade approaches, staking pools and ecosystem partners have had time to test Berkeley, with over 80% of protocol’s total trading volume suggesting network readiness.

MINA price hints at bounce

Mina Protocol (MINA) price reached highs of $1.69 in mid-March, rallying as the project approached its devnet upgrade.

That was before a downtrend ensued as most altcoins struggled amid Bitcoin’s dip. MINA wiped out earlier gains flip negative and fall to a major support area.

Ethereum’s bounce to above $3,900 amid the ETF hype also saw Mina Protocol price jump to near $0.85, an area of significant resistance in recent weeks.

However, potential buying pressure could see bulls strengthen above this level and target the important zone at $1.

Mina Protocol price on the daily chart. Source: TradingView

Ethereum ETF approval key deveopment

The upcoming Berkeley upgrade might be a critical catalyst in coming weeks.

Also notable is the positive market sentiment that surrounds crypto after the US Securities and Exchange Commission (SEC) approved spot Ethereum ETFs.

The potential impact of the ETH ETF across the ecosystem and traction for the tokenization industry could be tailwinds for the altcoin. If this happens, MINA price could strengthen above $1.

However, bears could prove stubborn around $1.50 and $1.75. Support on the downside could be at $0.75.

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