Tezos gears up for Mumbai Upgrade: Will XTZ continue its bull run?

• Nomadic Labs has submitted a proposal for the 13th upgrade of the Tezos network.
• XTZ continued its bull run as price reversal was imminent at press time.

On January 17, Nomadic Labs proposed the 13th upgrade to the Tezos [XTM] network. The new upgrade will include several new features, including the ability to transfer tickets between accounts, a shorter block time of 15 seconds, as well as the addition of Epoxy on Mainnet.

Read Tezos’ [XTZ] Price Prediction 2023-24

The mainnet will further strengthen instant finality, thanks to SNARKs’ proof-of-validity. Additionally, two new RPC endpoints will be added for better visibility into ticket ownership.

The 13th upgrade, known as the Mumbai protocol upgrade, will be implemented after several tests. Upgrading the system should bring it closer to Tezos’ target of one million transactions per second, as stated in Nomadic Labs’ report.

Doing so may increase interest in the network and, in turn, the value of its native token, XTZ.

Tezos volume sees lower counts but dev activity increases

According to the volume measure recorded on Santiment, Tezos failed to reach 100 million transactions in the previous six months, although January 2023 recorded a larger volume than November and December 2022. At the time of writing, the volume was approximately 24 million.

However, a review of the network’s developer activity revealed that there had been a significant rise. The Development Activity indicator had reached its highest level in the previous six months. As of the time of writing, it stood at 1.86.

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XTZ in a daily timeframe

According to the daily timeframe chart, XTZ was on a bull run at press time. The asset had grown by 45% from the beginning of its rally in December 2022. As of this writing, XTZ had fallen by 1% and was trading in the $1.00 area.

Additionally, as per the Relative Strength Index (RSI) line, the asset had surged into the overbought region. A likely price reversal was also indicated by the RSI line being over 70, in addition to a bull trend.