Phantasma, a cross-chain Layer-1 blockchain, has been making headlines latel owing to its unique and revolutionizing smartNFT feature. The eco-friendly and feature-rich blockchain has been leading its way in offering NFT, dApps, Smart contract deployment, Gaming, Metaverse, and many more blockchain-based services.
SOUL is a native cryptocurrency of the Phantasma chain. It is used for many purposes within its ecosystem; moreover, this token could be staked to earn KCAL and retain the rights to vote for governance proposals. This token has been laying around its crucial support after a dreadful downturn since it touched the all-time high of $3.97. After a long period of consolidation, the price of SOUL is ready to see a significant bounce back from the current level. Let’s find out the reason that could fuel this rally.
SOUL price has been declining since it peaked at $3.97 in December 2021. Along with the entire crypto market crash, SOUL price has also plummeted and hits the record low of $0.2014. SOUL has been consolidating around this level for a couple of months. Moreover, it has tested the critical support a few times with unsuccessful attempts to break it.
The accumulation and distribution indicator suggests that the price has gained enough momentum to break through this bearish trend and touch the local support of $0.42 in the mid-term.
If the price was managed to break the price level of $0.42 and settles above it, the next target could be $0.6087 in the midterm.
Upcoming Projects on Phantasma Ecosystem
Phantasma is already popular for its one-stop destination platform for everything blockchain and emerging Web 3.0. The platform offers cutting-edge technology, convenient implementation, extremely low fees, and a sustainable ecosystem.
SmartNFT technology is disrupting the NFT universe. It allows game developers to make dynamic in-game items in tamper-proof and trustless environments.
Furthermore, the Phantasma team is in talks with many metaverse projects. These projects could utilize the smartNFT functionality of the Phantasma blockchain. It could help gain more traction and buyer activity. And ultimately, the price could see a significant upward surge. Considering the marketcap of just $30.49 million, SOUL is an extremely undervalued gem.