The crypto token Theta Network (THETA) picked up a lot of momentum last week, which propelled it to a high of $4.3591 (THETA/USD). That’s one of the highest price points Theta has achieved all year and a remarkable achievement for a crypto that has mostly struggled in 2022.

What Happened to Theta This Week?

Theta was doing well until Saturday, the 2^nd. From there, it started to lose its momentum and head gradually down from $4.32 to hit as low as $3.68 yesterday. This slow decline looked pretty good for Theta, which has had some rough price drops this year. The crypto started to bounce back immediately and is at $3.81 today.

That is an increase of 1.29% over the last 24 hours. This is no sizable gain, but at least Theta isn’t plummeting again after a price spike like we have seen previously this year. This could mean that Theta has a little strength to it at the moment and that its trade volume is holding despite the price drop.

Theta’s trade volume is at $247 million today, which is actually a drop of 14.22%. The fact that the trade volume is down so much could mean that investors are waiting to see if Theta’s price rises again before they offload the crypto. This could indicate renewed faith in the cryptocurrency.

Will Theta Fall below $3 Again?

There are two factors right now that make a drop below the $3 level anytime soon look unlikely. The first one is the slowed trade volume. That indicates that there is no panic to sell off Theta tokens, though it also means that people are not buying as much Theta at the moment. Those trade volume numbers indicate to us that the market is simply waiting to see what happens with the price.

The second factor is Theta’s current price after such a remarkable rate increase. Theta recently experienced a price surge past the $4 level, which hasn’t happened more than a couple times this year. Because the price is holding steady around the $3.80 mark, that indicates that Theta is in a healthy place right now. It didn’t suddenly lose all of its gains, and since it’s holding on to some of them over an extended period, there’s a good chance that Theta will actually move back up towards $4.

Because of Theta’s difficult record so far this year, we would not say it’s out of the question for Theta to hit $3 or below in the near future. However, we would call that unlikely, and there is potential for Theta to hold close to the $4 level for a little while.