Saga Protocol Makes an Impressive Entrance
CoinChapter.com reports on the successful launch of Saga Protocol (SAGA) on the Binance Launchpool. Since its debut on April 7, the blockchain platform has experienced significant growth, with over 350 projects now utilizing it, the majority of which are gaming-related. While the SAGA coin price initially soared to $7.9 on its launch day, it quickly fell victim to profit booking and is currently fluctuating between $5.8 and $5.2. However, a closer look at the 10-minute charts reveals a bullish trend brewing for the SAGA/USDT pair.
SAGA Price Forms Bullish Pattern
The Saga coin price has formed a bullish technical pattern known as the ‘falling wedge.’ This pattern occurs when an asset’s price consistently makes lower highs and lower lows. Typically, this pattern signals a potential reversal to the upside. The price target for the pattern is usually determined by measuring the widest distance between the trend lines at the start of the pattern and adding it to the breakout point. A breakout with significant volume indicates strong market conviction and increases the likelihood of the trend continuing. If the pattern plays out, the SAGA/USDT pair could experience a spike of nearly 32%, reaching a theoretical price target of approximately $7.3.
Project Utility and Funding
The Saga Protocol is a Layer 1 blockchain framework designed to assist developers in creating Web3 applications. It offers tools and support for the automatic setup of parallelized and interoperable dedicated chains called “Chainlets.” These Chainlets can scale elastically to meet the needs of Web3 applications. The project has garnered significant attention and funding, raising over $13.5 million in seed funding prior to its mainnet launch. Key participants in the funding round include Placeholder, Maven11, and Samsung.
The Saga Protocol aims to leverage shared security and advanced validator orchestration through an automated CI/CD deployment pipeline. The native utility crypto token of the protocol is SAGA, which can be used for chainlets, staking, and governance. Currently, there is a total supply of 1 billion SAGA tokens, with 90 million in circulation. The project plans to distribute over 15% of its total supply through airdrops.