Phala Network price went vertical on Tuesday after the coin was listed in Gate.io and as the delegation amount continued rising. PHA rose to a high of $0.4858, which was the highest level since January 5 of this year. At its highest point this week, the coin was almost 600% from its lowest level this week.
What is PHA and why did it surge?
Phala Network is a leading blockchain project built on Polkadot, one of the biggest smart contract projects in the world. Its coin has a market cap of over $173 million and is the 173rd biggest cryptocurrency in the world.
Phala Network describes itself as a secure decentralized cloud computing network based on Polkadot. It is a cross-chain interoperable confidential smart contract network. As such, Pha Contract supports compute-intensive tasks, has low latency, and has cross-chain computing features.
PHA price rose sharply after it was integrated by Gate.io, one of the biggest crypto exchanges in the world. This means that users can buy and sell the coin in the ecosystem. Historically, cryptocurrency prices tend to rally after being listed in a major exchange.
Meanwhile, it seems like there is substantial demand for the token, In a tweet, Phala Network said that its stakepool delegation exceeded 180 million PHA, worth about $87 million.
11/ @PhalaNetwork has announced an integration with @gate_io, making the PHA token available on the platform
Stakepool delegation, designed to ensure the stability and security of Phala Network, has exceeded 180 million PHA
— Polkadot @DOTinVietnam (@Polkadot) October 17, 2022
Another major cryptocurrency news at the ongoing DOTinVietnam event was the rebrand of its programming model to Pha Contract. This contract is an innovative programing language that enables off-chain computation. It acts as the Web3 version of Amazon Lambda backed by the decentralized Phala computing cloud.
PHA price forecast
The daily chart shows that the Phala Network price has been in a consolidation phase in the past few months. It then went parabolic this week as Polkadot hosts a major event in Vietnam, where the Gate.io integration was announced.
The coin has managed to move above all moving averages while the Relative Strength Index (RSI) moved above the overbought level. Therefore, there is a likelihood that the coin will pull back sharply as the excitement about the new listing wanes.
Historically, post-listing pumps don&t last for long, As such, the coin will likely resume the bearish trend and move to the support at $0.1447, which is about 45% below the current level.
How to buy Phala Network
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