THETA's native token saw a solid 4% price increase over the past 24 hours, rising from $0.7762 up to $0.8073. This marks a local high for THETA in July after trading sideways for most of the month.

THETA's $834 Million Market Cap and Volume

Despite the recent upside move, THETA still has a relatively modest market capitalization of $834 million. This ranks it outside the top 50 cryptocurrencies by market value currently.

Over the past day, trading volume reached $28 million for THETA. This is slightly below the average daily volume so far in July, indicating interest is still building behind the recent price increase.

Short-Term Outlook Turns Bullish

Analyzing the hourly and daily percentage change shows THETA with positive momentum over the past day and hour. The token is up 4% and down just -2.02% respectively across those timeframes.

The weekly performance is less bullish, with THETA down a minor -2.22% over the past 7 days. But the past month shows an 18% gain, confirming the longer-term trend remains to the upside.

Targeting a Break Above $1.00 Again

Given the recent upside price action, THETA looks poised to retest stubborn resistance around the $1.00 level in the near-term.

The token faces its next hurdle at $0.90, but a break above there should open the door for a push back towards the key $1.00 mark.Traders can watch for support on any dips at $0.75.

Predictions and Key Levels to Monitor

I expect THETA will continue exhibiting bullish momentum in the near-term as it pushes towards the upper end of its recent trading range. A breakout above $1.00 would be a very positive technical development.

However, THETA must hold support at $0.75 to maintain its upward trajectory. A fall below that level would negate the short-term bullish outlook.

What developments could propel THETA towards a new all-time high in 2023?

If the overall crypto market sees renewed optimism later this year, a few key catalysts could help drive THETA to fresh all-time highs above $15:

• Rapid user growth on the Theta Network, boosting token utility.
• Major partnerships or integrations that expand THETA's reach.
• Upgrades that improve video delivery and incentivize user engagement.
• Greater macro interest in projects related to digital media and content delivery.
• Continued exchange listings that improve liquidity.

THETA reclaiming its former highs likely depends on sustaining its recent momentum over the coming months. Executing on its roadmap will be crucial for longer-term growth.

Will staking be a key driver of THETA accumulation this year?

Yes, THETA staking has potential to be a significant catalyst for increased token accumulation and bullish price action in 2023.

Factors that may boost staking growth include:

• High APY rates near 10% encouraging more users to stake.
• Ongoing improvements to staking accessibility and user experience.
• Greater awareness of staking yields among THETA holders.
• Locking up supply via staking reduces available liquidity.
• Scheduled mainnet upgrades that incentivize staking participation.

With solid staking rewards on offer, THETA holders have good reason to move their tokens into staking. This should help provide upward pressure on the token price over the rest of 2023.