Galxe (GAL) is moving to the new Gravity L1 blockchain. The Arbitrum Nitro stack is used to create the network.
The reason for creating#Gravityis that over the past three years the platform has grown to 20 million users and 100 million transactions per month. This required a more efficient and scalable solution to manage cross-chain communication between the 34 blockchains that#Galxesupports.
Gravity will be a Proof-of-Stake blockchain while supporting re-staking through EigenLayer and Babylon to leverage the security of the Ethereum network.
All Galxe projects (including Galxe Passport) will be transferred to the new blockchain ecosystem. The monthly number of transactions on Gravity is expected to exceed 60 million.
The launch of the testnet is planned for next month. And the launch of a full-fledged main network is in the second quarter of 2025.
The network will also receive a new#Gtoken, with the contract migration of the existing#GALtoken already approved by the platform's DAO. Let us remind you that the token will also increase its emission by 60 times. From 200 million to 12 billion. Available tokens will be converted in a ratio of 1:60.
Since the April analysis, the price has adjusted to the volume level of $3,312. Just on the day of the analysis, after the news about the change in tokenomics. During the decline in May, the EMA of the 200 day TF was almost tested. But the price did not reach either this moving average or the EMA of the 50 weekly TF.
The correction did not break the idea of a five-wave structure. The fourth wave is dragging on, the entry into the fifth wave will begin with the breakdown of the downward trend from March 26th. Yesterday there was an unsuccessful breakout attempt.
For another breakout attempt, it is important to consolidate above the EMA of the 50 day TF (the fight for it is now underway) and above the volume level of $3.826. In case of failure, the price may go to the EMA of the 200 day TF (currently $3,134) and to the volume level ($3,059). By removing liquidity behind the loys on April 19 and May 14. We are not waiting for the EMA test of the 50-week TF (currently $2,808).
Our expectations are a hike above $5,832 in the medium term.
