Saga Protocol is one of the newest projects on Binance’s Launchpool. It was launched on April 7 and has shown excellent growth since then. The blockchain platform has expanded to accommodate more than 350 projects, of which nearly 80% are gaming-related. Although the SAGA coin price started an impressive rally after its debut on Binance on April 9, the token gained 196,25% to reach a price of $7.9 on the first day, however, it was short-lived.

The Saga Protocol token price has suffered from profit taking after its initial launch and is currently trading between $5.8 and $5.2. However, only after zooming in to the 10-minute chart can we see signs of a bull run in the SAGA/USDT trading pair.

SAGA price has formed a bullish technical pattern known as a “falling wedge.”

This falling wedge pattern is formed by a pair of trend lines converging. This pattern occurs when an asset price makes lower highs than the previous highs and lower lows than the previous lows. Usually, this familiar pattern indicates that an upward reversal may occur. Typically, the price target of this pattern is equal to the widest distance between the trend lines at the beginning of the pattern plus the breakout point. A breakout with a large volume may mean strong market confidence, increasing the possibility of a continued trend. According to the rules of technical analysis, if this pattern occurs, the price of the SAGA/USDT trading pair may rise by nearly 32%, reaching a theoretical price target of about $7.3.

Project Utility and Funding

Saga Protocol is a layer-one blockchain framework that aims to help developers create Web3 applications by providing tools and support.

The Saga crypto project allows developers to automatically set up parallelized and interoperating specialized chains, called “Chainlets,” that can elastically scale based on the needs of their Web3 applications.

In addition, Saga has attracted a lot of attention and funding, raising more than $13.5 million in seed funding before its mainnet launch. Some of the institutions participating in the financing include Placeholder, Maven11, and Samsung. Saga Protocol aims to leverage shared security and advanced validator orchestration through automated CI/CD deployment pipelines.

SAGA is the protocol's native utility token. SAGA tokens can be used for Chainlets, staking, and governance. The total supply of Saga Protocol tokens is 1 billion, with 90 million currently in circulation.

The project plans to distribute more than 15% of its total supply in the airdrop.