ambcrypto.com
Pearl [PRL], the “Proof of Useful Work” Layer 1 blockchain token, made a new all-time high. At the time of writing, it had rallied 67% in the past 24 hours and was up 104.3% from $0.80, the low made on Monday, the 21st of September.
Why is PRL crypto rallying rapidly?
The September rally to ATHs was fueled by strong demand, reflected by the high trading volume. There were also many calls on social media from relatively popular crypto influencers explaining why they were long on the coin, further feeding the PRL buying pressure.
An intriguing aspect of Pearl’s popularity was how it changes the Proof of Work. The mining operation is matrix multiplication, which is also the native operation of GPUs. The computation serves as the energy cost of AI inference, while also securing the blockchain.
The Pearl coin emission curve rewards fall slightly with each mined block, further incentivizing early miners and activity. The network is designed to move PRL prices toward real economic AI computation costs.
PRL crypto reaches price discovery phase
The $0.50 level marked a swing high from July. PRL crypto price had been trending downward back then, and consolidation around the $0.25-$0.34 area in August and early September.
Within the first week of September, bullish intent was starting to show. The trading volumes surged higher, driving the OBV up and signaling steady demand. The $0.50 was broken on the 11th of September, shifting the price structure bullishly.
Since then, the uptrend has been unstoppable so far. The $0.80 level was a local support, and $1.20 is also expected to serve as a demand zone should PRL crypto see a retracement.
The RSI was in overbought territory once again, but that might do little to slow down a parabolic rally.
In the short-term, a price dip toward $1.10-$1.30 would likely give a buying opportunity.
Final Summary
- The useful Proof of Work concept was helping drive miner profitability and bullish investor theses on social media, keeping the PRL crypto sentiment positive.
- The altcoin was in price discovery territory, and a pullback toward $1 would offer a buying opportunity.