The cryptocurrency market started off the week in a rough spot, dropping around 4% overall. This morning, many of the major cryptocurrency tokens are up about 4%, but Theta (THETA) is one of the most notable gainers, increasing 8.70% over the last 24 hours.

Theta Looking Great This Morning

This puts Theta at $3.09 (THETA/USD), over that crucial $3 benchmark but far from the $4 it spent most of 2021 at. Trade volume is soaring for Theta, up 26% in the last 24 hours, and Theta is holding tight onto its cryptocurrency market ranking at the number 41 spot. We are seeing nothing but positive movement for the Theta Network today, which could spur a round of investments that will help it to soar even higher.

One of the other Theta tokens, Theta Fuel (TFUEL) is up 6.35% right now which increases its rate to $0.1666 (TFUEL/USD). This is a crypto that has struggled this year, mostly spending time around the $0.16 mark or lower.

How Long Will Theta’s Gains Last?

While today’s gains are looking impressive, Theta’s investors are wondering if they can be sustained for any length of time or if they will pass as soon as tomorrow. We’ve seen Theta struggle to maintain any kind of bullish movement this year despite an impressive performance for much of last year.

Even though the market is up from what looked quite dire yesterday, pulling Theta as well, Theta seems to be doing pretty well on its own. It’s increasing much higher than Bitcoin’s (BTC) 4.50% climb today or Ethereum’s (ETH) 4.57% gain. Solana (SOL) is gaining 6.03% this morning, giving Theta some competition, and Terra (LUNA) is up an impressive 14.47%.

Still, Theta is riding a strong wave at the moment that could carry it through the end of the week to some impressive highs. We will have to wait and see. Theta will be in danger if it dips below $3, though. That will be the level where a lot of investors are going to abandon it. This crypto token historically has not spent a lot of time below $3, so it would be unprecedented for it to hold there for long, if it does indeed drop that low.

The level that may signal Theta is on the recovery is around $3.50. While we may not see $4 for a long time with this crypto, a number of market analysts are very positive that the overall market will recover within a year’s time. For that to happen, inflation will have to get under control, the war in Ukraine will likely need to subside, and the overall crypto market will have to show some signs of stability for a while. In the short term, look at what Bitcoin is doing to help indicate where Theta is going to head.