- Phala Network’s surge highlights growing interest in its AI-integrated technology.
- PHA faces overbought conditions, signaling a potential pullback despite a bullish trend.
- Breaking $0.54 could propel PHA toward $0.60, strengthening its upward momentum.
Phala Network (PHA) has recently seen a dramatic surge in price and market activity. According to CryptoCappex, PhalaNetwork Head Ambassador, with a record market capitalization of approximately $350 million, the token has surpassed expectations. This growth highlights the increasing relevance of Phala’s technology, particularly its integration with AI Agents.
As of December 28, 2024, PHA’s price stands at $0.521090, with a remarkable 100.99% increase over the last 24 hours and a 24-hour trading volume of $800,061,707. This upward momentum has led to speculation about whether PHA can break its previous all-time high (ATH) of $1.39.
Phala Network has reached a record market cap of about $350 million significantly surpassing the previous ATH, unlike the previous cycle, however, this time the technology for AI Agents is ready!
— ᑕᗩ₱₱ΞX
When do you think $PHA will be able to surpass the previous ATH of 1.39 usd?pic.twitter.com/M3JNV9lngz
(@CryptoCappex) December 27, 2024
Recent Price Movements
PHA’s recent price movement reveals a strong upward trend, fueled by increased investor interest and bullish momentum. The token’s sharp ascent has brought it to a high of $0.54, a resistance level that traders are closely monitoring.
Such a rally, though, has pushed the asset into overbought territory, with Relative Strength Index (RSI) at 83.04. This means that sellers will come into force and a price correction may occur.
Also, the Moving Average Convergence Divergence (MACD) emulates the ongoing bullishness. The MACD line is sitting right above the signal line, indicating the strength of the upward trend. However the significant distance between these lines may extend, and a pullback in the near term is possible.
Key Support and Resistance Levels
On the downside, $0.42 serves as immediate support, having acted as a consolidation zone before the recent breakout. Below this level, $0.30 is another critical support area, representing a significant consolidation phase earlier this month. If bearish momentum intensifies at $0.20, a psychological level may provide a stronger buying interest.
On the upside, $0.54 is the immediate resistance, marking the peak of the current rally. If PHA manages to break this level, the next target lies at $0.60, a psychological threshold supported by Fibonacci extension levels.
Outlook: Bullish or Bearish?
In a bullish scenario, PHA could maintain its upward momentum if it consolidates above $0.42. This stability would strengthen its potential to breach the $0.54 resistance and test $0.60. Conversely, failure to hold $0.42 could lead to a deeper correction, with the price potentially retracing to $0.30 or $0.20.
