GALA Price Rises Over 10% in the Past 24 Hours But Fails to Break Through $0.05 Resistance Leading to a Pullback
As the cryptocurrency market focuses on the increasing likelihood of a spot Ethereum ETF approval one token has unexpectedly surged catching traders' attention
GALA has seen a price increase of more than 10% in the past 24 hours as the token attempts to break through the $0.05 resistance level that has formed since mid-April However the breakout was unsuccessful and the price has begun to pull back
For a stronger price rally GALA needs to surpass this resistance level and successfully retest it Only then can we expect to see a price increase up to $0.06
Nevertheless several factors could lead to a price decline primarily the inability to break through the aforementioned resistance level This could be seen as a weakness among traders potentially leading to a sell-off
Security Breach and Contract Exploitation
Additionally a concerning development has emerged that could further erode investor confidence in the project
According to a post on X by @NexusWeb3 the GALA contract was hacked online with a value exceeding $200,000,000 The attacker reportedly transferred all the stolen funds to ETH
In response the Gala Games team has advised GALA holders to immediately switch to a new contract to minimize losses and prevent further theft
Gala Games issued a warning stating that to prevent losses from the recent hack all holders must migrate to the V2 contract before the GALA V1 contract is terminated at 12:00 AM UTC This urgent call to action underscores the severity of the situation
Declining Investor Confidence
Such a severe security breach has led investors to question the security measures in place and the team’s ability to safeguard assets
This could result in a major sell-off as holders lose confidence and seek to minimize losses or exit the project entirely