NOIDA (CoinChapter.com)— Saga Protocol (SAGA) is one of the latest projects on the Binance Launchpool. It launched on April 7 and has shown excellent growth since then.
The blockchain platform has grown to accommodate over 350 projects, of which nearly 80% are gaming-related. Though the SAGA coin price started an impressive rally after its Binance debut on April 9, the token’s 19,625% spike to $7.9 on launch day was a flash in the pan.
The Saga Protocol token price fell victim to profit booking following its launch and is currently crabbing between $5.8 and $5.2. However, the SAGA/USDT pair has a bullish crew brewing, visible only after zooming in to the 10-minute charts.
SAGA Price Forms Bullish Pattern
The Saga coin price has formed a bullish technical pattern with a massive upside target called the ‘falling wedge.’
A pair of converging trend lines form the falling wedge pattern. The pattern occurs when an asset’s price makes lower highs and lower lows steeper than the highs.
The familiar pattern typically signals that a reversal to the upside is likely. Customarily, the price target for the pattern is equal to the widest distance between the trend lines at the start of the pattern added to the breakout point.
A breakout with substantial volume can signify strong market conviction, thereby increasing the likelihood of continuing the trend.
According to the rules of technical analysis, if the pattern pans out, the SAGA/USDT pair could spike nearly 32% to reach a theoretical price target near $7.3.
Project Utility and Funding
The Saga Protocol is a Layer 1 blockchain framework that aims to help developers by providing tools and support for creating Web3 applications.
The Saga crypto project allows developers to automatically set up parallelized and interoperable dedicated chains, known as “Chainlets,” which can elastically scale according to the needs of their Web3 application.
Moreover, Saga attracted significant attention and funding, raising over $13.5 million in seed funding ahead of its mainnet launch. Some of the funding round participants included Placeholder, Maven11, and Samsung.
The Saga Protocol aims to leverage shared security and advanced validator orchestration through an automated CI/CD deployment pipeline.
SAGA is the protocol’s native utility crypto token. The SAGA token can be used for chainlets, staking, and for governance. The Saga protocol crypto token has a total supply of 1 billion tokens of 90 million are currently in circulation.
The project plans to distribute over 15% of its total supply in airdrops.
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