There are projects in the cryptocurrency ecosystem that have unique capabilities and stand out with them. Mina is one of them. If we are going to see a blockchain-based internet in the future, the system capabilities of these structures need to be feasible. For example, being a validator for Solana requires an infrastructure that is at least 21 times faster than the average internet speed in Turkey. On the other hand, the Mina team solves this with its unique architecture.
With the previous announcement, the wallets that will participate in the testnet were determined, and the team announced that the test network will be launched next month. Today’s announcement was the news that Mina investors have been waiting for a long time.
The purpose of the testnet, which will be launched in October, was previously explained by the team as follows;
“The purpose of the program is to support the stress testing of the Mina Protocol with community members, thus enabling this new code to be safely included in the upcoming hard fork of the Mina Protocol.”
Around 260 community members are already involved in the testing process. Various works will be carried out in areas ranging from block production to load testing. This is actually a stress test. The participants in the test process have mentioned their activities in their blog posts, and the necessary guidance will be provided to these 260 people through the Discord channel.
In summary, the Mina team is now one step closer to the days when smart contracts can work and build its own ecosystem. While there are already dozens or even hundreds of L2, L1 alternatives that actively support smart contracts, the Mina community has been achieving something difficult for 2 years. The possibility of a project without smart contract capabilities to build its own ecosystem one day is what keeps Mina Coin alive today.
Mina promises a future with its small block size and node structure that requires low system power. We will see that a different project following its path is building a blockchain structure where everyone can run their own node in the browser and smart contracts work actively.
Speaking of price, Mina has been steadily declining since its peak of $1.2 in the week of February 13. The general negativity in the market has greatly affected it. The critical area for Mina is the support area around $0.366. Although it has been tested more than 7 times this month, the price did not stay above this area for a long time. The region that limits its rise is the $0.389 resistance.
If the Fed does not shake the markets and the rise of BTC continues, we may see the price rise to the $0.42 band in the coming days with the testnet announcement expected to be revealed tomorrow. Then the reversal of the decline in mid-August will occur, and the price will target the $0.48 peak again.
The region that Mina Coin needs to surpass to break free from the long-term downtrend is the $0.52 band. So, in a negative scenario? Mina renewed its ATL level this year, and it is difficult to predict where it will stop if the current price continues to decline because it has never reached this price range in its history. Of course, increasing circulation supply, excessive selling, and severe bear market conditions have had an effect.