Today we look at the performance of another non-fungible tokens (NFT) and blockchain-based gaming project.
One of the projects that is making moves in 2022 is Phantasma (SOUL), a layer-one blockchain protocol that specializes in the creation of Smart NFTs and decentralized gaming applications.
The Phantasma chain is designed to be used for digital goods & services for communications, entertainment, marketplaces and on-chain storage solutions for dApp creators and enterprise clients. Phantasma has an innovative staking mechanism, a dual token system, a sustainable tokenomics model and advanced, eco-friendly Smart NFTs.
Smart NFTs are NFTs with dynamic properties which can change based on certain conditions. They provide game developers the opportunity to make dynamic in-game items decentralized, which is not possible with traditional NFTs. They also allow for time-based NFTs, multi-layered NFTs, infused NFTs and locked content within an NFT that can only be accessed by the owner of the NFT.
Below, you can see how SOUL’ recent move to the upside blasted through the descending trend line.
The reason for this surge in the price of SOUL is the launch of several new protocols on the Phantasma network, with the addition of cross-chain support for multiple networks including Ethereum, BSC and NEO.
One of the biggest developments to come out of the Phantasma ecosystem over the past couple of weeks has been the launch of several projects on the network. This includes the role-playing card game Blood Rune, the mobile game Ghost Festival and the NFT marketplace Ghost Markets. One of the main advantages of using Phantasma over other chains is its dual token system, where SOUL holders can stake their tokens to earn Phantasma Energy (KCAL). These, in turn, can be used to pay for transaction fees. This essentially makes transactions free for SOUL holders.
SOUL launched on Binance Exchange in July 2021 at $0.12. The price hit an all-time high on December 1st, 2021, reaching $3.97. That is over 3,000% growth in five months.
Its price has retraced with the rest of the crypto market since then, hitting a low of $1.20 on February 3rd, 2022.
We have seen some upside in the crypto market in the last two weeks, and this includes a nice recovery in the price of SOUL to $2.35 on February 8th, 2022. That is an almost 100% recovery for SOUL in the space of five days! What is also interesting is that SOUL has also managed to break out of the descending resistance trend line that has been in place since the beginning of January 2022.
There is an expectation of a small retrace in the next couple of days, which will present an opportunity to get into SOUL. The retracement targets being the 0.382 Fibonacci at $1.90, the 0.5 Fib at $1.77, and the 0.618 Fib at $1.64. Once the price moves back up, the take profit target will be $2.86, which is the 0.618 Fib line between January 13th high of $3.58 and the low of $1.20 on February 3rd, 2022.
The building strength of Phantasma is the overall popularity of gaming and NFT projects, as blockchain adoption is on the rise, and clearly showing no signs of disappearing in the near future. Projects which focus on facilitating their growth and adoption could continue to see their values rise as NFTs become more mainstream.