Why is Golem (GLM) Price Up By 45%? Analyst Expects Further Upside

Golem Network’s native token, GLM, exploded over 45% higher to reach a 24-hour low of $0.2357 to $0.33 at press time.

The extreme one-day surge comes as a perfect storm of bullish crypto market tailwinds, big product upgrades, and strained technical indicators pave the way for additional near-term upside.

Go-JS 2.0 Launch Powers Breakout

Much of the excitement centered around Golem’s announcement of golem-js version 2.0. Packed with new features, enhancements, and bug fixes, the release represents a major step forward for integration and real-world usage of the distributed computing network.

Specific upgrades like custom environment support, batch tasks, and billing/pricing functions dramatically widen golem-js’s applicability for developers building web3 apps. With the product now significantly more production-ready, user activity and token demand stand to benefit accordingly.

The ability to capitalize on emerging tech trends like AI and ML computing also improves at a pivotal moment for cloud services. As crypto sentiment shows early signs of rotating back toward high-functioning yet undiscovered layer 1, the timing proved perfect.

Technically, the swift move also propelled Golem’s daily RSI reading to 91, indicating textbook conditions of overbought conditions.

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GLM could hit $1

Per swing trader Decilizer, having confirmed the breakout, GLM now looks poised to make a run toward the psychologically significant $1 mark. GOM currently has a market cap of $342 million and stands as the 76th largest crypto by market cap.

While such exaggerated moves rarely unfold in linear fashion, the sheer velocity of Golem’s surge highlights how swiftly narratives can shift when dormant altcoins reawaken.

The coming days may determine whether durable accumulation awaits beyond $0.30 or if the powerful breakout proves fleeting. Yet Golem’s multifaceted fundamental progress provides diamond-hand justification to withstand any residual selling pressure as the last pessimists capitulate.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency