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The native token of the Universal Market Access protocol, UMA, hosted a strong rally with over 80% gains in the last 12 hours. As of writing, the UMA price is at $3.79, and its market value has risen to $283.5 million.
Current Status of UMA Coin
According to data from Coinglass, a sudden UMA price rally led to the liquidation of $3 million worth of short positions in the last 24 hours. On the other hand, there was an incredible increase in trading volume, which surged by 2000% to $284 million.
Universal Market Access is at the forefront of the blockchain ecosystem, focusing particularly on oracle solutions. According to the UMA development team, the project is defined as a decentralized reality network that records and verifies data on the blockchain.
According to data provided by DeFi Llama, UMA is globally considered the 9th largest Oracle network. However, it is still behind major projects such as Chainlink, Chronicle, WINKLink, Pyth, and Binance Oracle.
One of the pieces of data that investors looking for reasons behind UMA’s price rise came across was the growth on the network. According to data from DuneAnalytics, both UMA and oSnaps saw a significant increase in Total Value Secured (TVS), rising above $774 million.
This increase in TVS coincided with several companies joining the UMA network. Index Coop, a firm focused on decentralized structured products, is one of the new companies on the network. B Protocol, a DeFi economic relief center, is another firm that joined the UMA network.
The Future of UMA Coin
While the crypto community eagerly anticipates the upcoming launch of a new feature by the Universal Market Access protocol, a significant price rally is also occurring.
The common view held by developers is that the service starting next week will play a significant role in reducing risks in the DeFi industry, as well as in addressing the challenge of maximum extractable value (MEV).
According to Coinglass data, UMA’s total futures trading volume also hit an incredible record, rising above $47 million, indicating the demand for this altcoin.
According to comments from market analysts, the minimum trading price is expected to be $7.54 and the average trading price $9.43 in the coming period. Considering future prospects, it is stated that the Universal Market Access protocol is preparing for a developing and changing year in 2024.
Optimistic future predictions indicate that UMA’s value could rise above $11.96.
