- What is Mina? A beginners guide to its historical price and working.
- What makes mina the world’s lightest blockchain system
- Only 1 major support left in the charts, can the price of MINA survive
Mina is known as the world’s lightest blockchain, and it stands out from other blockchains by employing a unique approach for node entry. Unlike other chains that demand high computing power, Mina allows any user willing to connect, sync, and verify the chain to operate as a node on the platform.
Founded in 2017 by O(1) Labs, Mina was initially known as the Coda protocol. However, it had to change its name due to trademark infringement issues, and now it is recognized as Mina.
As of now, Mina has a circulating supply of 940.35 million coins, and its maximum supply is capped at 1.06 billion MINA coins. Evans Shapiro serves as the CEO of O(1) Labs, the firm behind Mina’s development and operation.
How does It work?
Mina’s renowned ‘Succinct’ blockchain operates on the advanced technology known as ‘ZK-Snarks.’ This technology functions like a micro-certificate within the network of nodes, verifying transactions.
What makes Mina stand out is that instead of validating the entire chain of blocks, like Bitcoin and other high-end coins, it only validates the last few blocks. It captures a snapshot of the recent blocks and combines that image with a newly created transaction, allowing the system to operate lightly with a mere size of 22kb.
Mina employs the Proof-of-Stake (POS) algorithm called Ouroboros Praos, further enhancing its efficiency and scalability. This innovative combination of technologies enables Mina to achieve a lightweight and highly operable blockchain, making it an appealing option for various use cases.
MINA historical pricing and technical insights
A year ago, the price of Mina was in a bearish trend. In mid-August, it closed at $0.727, and by October, it had declined to $0.544. Although the bulls attempted to push the price slightly above $0.684, their efforts were short-lived as the price crashed down to $0.432 in December, partly influenced by the FTX crash news.
The start of the new year 2023 was promising for Mina, as the price surged to reach $1.22 in February 2023. However, since then, the coin has been unable to recover, and the current price now stands at $0.46.
In the current situation, there is a significant support level at $0.423, with a lower floor at $0.377. If the price breaks below this level, it could trigger a major selling pressure. Although there is a rounded off support at $0.299, it lacks confirmation.
On the resistance side, there is one major resistance at $0.520, which has been confirmed three times. Above that, Resistance 2 (R2) is at $0.594.
The Relative Strength Index (RSI) is in the oversold zone, suggesting a possible buying opportunity for the bulls. However, historically, the price hasn’t risen significantly from this point. The bulls will be hoping that the price doesn’t break below $0.377, while buyers may find it an attractive entry point if the price breaks above $0.594.
Conclusion
Mina, known as the world’s lightest blockchain, leverages the power of advanced technology called ‘ZK-Snarks,’ acting like a micro certificate within the network of nodes to verify transactions.
As of February 2023, the price of Mina has been on a downward trend, indicating a bearish market sentiment. Currently, there is only one major support level left to potentially halt the decline.
