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The SOLGOAT price surged over 9% in the last 24 hours to trade at $0.05433 as of 1:50 a.m. EST.
SOLGOAT’s latest price increase is a continuation of the crypto’s positive performance, which has pushed its weekly advance past 16%.
The SOLGOAT Price Escapes A Negative Channel
1-hour chart for SOLGOAT/USDT (Source: TradingView)
The SOLGOAT price escaped a short-term bearish price channel in the past couple of hours. However, sellers are trying their best to push the meme coin’s price down. Should bulls succumb to the bearish pressure, the crypto might soon test the immediate support level at $0.0497. A drop below this key level could then lead to SOLGOAT falling to as low as $0.0417 in the following 24 hours.
On the other hand, if buyers manage to fend off the attack from sellers, the meme coin might attempt to flip the $0.0651 resistance into support. Closing a 1-hour candle above this threshold could then give the SOLGOAT price the foundation needed to rise to the subsequent resistance at $0.0773.
Technical indicators on SOLGOAT’s hourly chart show that bears currently have the upper hand against bulls. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest the meme coin’s price might continue to fall in the upcoming 24 hours.
Sellers Might Keep Forcing The SOLGOAT Price Down
This is after SOLGOAT entered a short-term negative cycle, as signaled by the MACD line crossing below the MACD Signal line. What’s more, the former is also breaking away below the latter, which could indicate that the bearish momentum shows no signs of cooling down just yet.
Sellers are currently stronger than buyers as well, as suggested by the RSI’s positioning below its Simple Moving Average (SMA) line on the 1-hour chart. However, it does seem that bulls are slowly making a comeback, given the RSI is beginning to level out. Traders looking to push the SOLGOAT price higher might soon capitalize on this, especially since the meme coin is closer to oversold territory. This indicates that the crypto’s upside potential is currently greater than its downside potential.
Investors looking for more upside potential might consider the buying frenzy around Solana-based meme coins. As the hype around these altcoins continues, the recently-created SOL token Slothana is a standout star after racing past $10 million raised in less than two weeks. It’s now extended its presale to offer investors a last chance to buy.
Traders Send More Than $10 Million In SOL To This Presale
Slothana is one of the latest cryptos to enter the burgeoning Solana meme coin ecosystem, and is looking to repeat the success of its Sloth-themed predecessor SLERF.
The absence of an elaborate roadmap or a detailed whitepaper have not deterred crypto investors, as traders have sent over $10 million in SOL tokens to the meme coin’s presale.
⏰ Tired of the 9-5? So is Slothana!🦥Our office sloth is ready to ditch the daily grind and embrace the world of crypto trading. No more getting high on herb, just high on profits! Send SOL to help our sloth go from 420 couch surfer to $420m crypto chad! #slothana #memecoin
— Slothana (@SlothanaCoin) March 25, 2024
Slothana’s team has been actively engaging with its community through its social media platforms, especially via its official X account, which boasts over 16.5k followers. Most recently, the project’s community overwhelmingly voted in favor of Slothana’s debut being on both decentralized and centralized exchanges.
Aiming To Go From 420 To $420 Million
Slothana serves as a testament to the influence of the meme coin community. YouTube channel 99Bitcoins says it has the potential to 100X on launch.
Following the end of the presale, the project’s team will most likely keep Slothana’s positive momentum going by acting on the feedback from the recent poll and arrange listings on centralized and decentralized exchanges.
This will open up the meme coin to a wider pool of potential investors, which could lead to Slothana’s price skyrocketing.
Anyone that wants to position themselves before this potential price surge can buy SLOTH on the project’s official website here. For every 1 SOL token sent, investors will receive 10,000 SLOTH tokens.
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