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The Michi price soared more than 59% in the last 24 hours to trade at $0.1673 as of 7:45 a.m. EST as investors rush to buy into the altcoin.
With this latest surge, the MICHI price has now soared by more than 230% over the past week to hit a market capitalization of more than $104 million.
The Michi Price Rises Above An Ascending Price Channel
4-hour chart for MICHI/USD (Source: TradingView)
The Michi price was able to break out above a positive channel that formed on its charts throughout the past few days. Over the last 24 hours, the altcoin has also overcome the $0.1478 resistance level, and is now attempting to flip it into support.
Should MICHI close a 4-hour candle above this threshold in the next 12 hours, it could give the crypto a strong foundation to keep climbing in the short term. This could then launch the Michi price into a discovery phase towards the upside.
However, a break back below the $0.1478 mark in the upcoming 8 hours could invalidate the bullish thesis. In this alternative scenario, the Michi price might seek support from the closest safety net at $0.1064 in the following couple of hours.
Continued sell pressure should MICHI drop to $0.1064 might put the crypto at risk of falling to the subsequent support level at $0.06176. In an extremely bearish scenario, the Michi price could break below this mark and fall further in the following 12 hours.
The Michi Price Might Keep Climbing As Technicals Flag Bullish
Technical indicators on MICHI’s hourly chart suggest the Michi price could keep rising in the coming 6 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicate that the Michi price has good technical support.
MICHI is currently in a short-term positive trend, which is evident by the MACD line’s position above the MACD Signal line. With the former also breaking away from the latter, it seems this bullish momentum is growing stronger as well.
The RSI is also positioned above 70 on its 4-hour chart. This might indicate the presence of bullish pressure. With this strength in hand, it could be easier for bulls to push the Michi price higher in the coming 12 hours than it will be for bears to pull it down during the same period.
Investors might start taking some of their profits from MICHI’s recent surge and allocate them towards the new Solana meme coin Sealana (SEAL).
The Latest SOL Meme Coin Sensation
Up until now, the Solana ecosystem has been dominated by lighthearted canine and feline-themed cryptos. Looking to change this trend while still keeping the meme coin momentum going is Sealana.
WIthin just a few minutes of its launch, the new SOL-based crypto raised over $100,000. This investor frenzy continued throughout the past 24 hours, with the token’s ICO on an unstoppable path towards $200,000.
https://twitter.com/Sealana_Token/status/1785652822169559475
If the crypto’s mammal mascot looks familiar to anyone, it’s because Sealana was inspired by the viral South Park character Gamer Guy, who also goes by the name Fat Computer Nerd.
Gamer Guy made an appearance in the hit cartoon’s World of Warcraft episode. Not long after his debut on the cartoon, he became a viral theme. Sealana is now looking to capitalize on this virality, by basing its mascot on the beloved character.
The Potential To Explode After Launch
Investors have bought millions of dollars worth of Solana meme coins over the past few weeks. Being the latest entrant in the burgeoning SOL ecosystem, Sealana’s price is well positioned to skyrocket after launch.
YouTuber Crypto ZEUS says there’s a trend towards ”goofy meme coins” like Sealana that might bode well for its prospects.
Anyone looking to acquire the token before its launch can do so via the buy widget embedded on the project’s website. All investors will need to get started is a wallet funded with SOL.
The next step will be to connect the wallet to the buy widget, then specify the amount of SOL to use for the purchase. For every 1 SOL, investors will receive 6,900 SEAL tokens through an airdrop when the ICO ends.
Acquire SEAL before its official launch here.
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