Solana lost demand after undergoing a massive rally and the price started consolidating. However, the recent surge in demand suggests the correction might be over and SOL could regain momentum for a new all-time high (ATH) with another surge.
Along with Solana, Toncoin (TON) and Cutoshi (CUTO) also exhibit excellent potential for reaching tremendous heights with a rally and thus experience an increased demand.
Solana (SOL): Bearish Move With Huge Volume
After the 60%+ rally in November, Solana reached a new ATH at $263.83 but faced significant resistance near the $264 price level. The demand quickly vanished and Solana lost momentum and corrected over 15% to the $221 price level. It then entered a consolidation and traded trapped between $221 and $246.
Until last week, Solana had been moving in a triangle pattern, with the price getting more consolidated over time. However, on Monday, the price fell below the lower trendline of this pattern with a massive 8.6% intraday drop after weeks of slow price action. Solana had dropped to the $205 support level, where bulls applied significant pressure to stop the price from falling further.
Over the last 24 hours, Solana price has plunged 5.2% to $216.97, but the daily trading volume has increased by 176%. Today, there is a balance between bearish and bullish pressure, resulting in a doji candlestick. Since the bulls have gained control, keeping the price above essential support, Solana might reverse from this zone and continue the previous uptrend.
Toncoin (TON) Undergoes Massive Correction
Since its ATH at $8.24 in June, Toncoin began declining due to the trendline. It broke out of the trendline on 9 November 2024 and surged over 35%. However, Toncoin faced much resistance at the $7 price level and consolidated below it for over a week.
Like Solana, Toncoin plunged on Monday to $5.2, the price level at which it broke out of the declining trendline a month ago. Toncoin fell below the 50-day Simple Moving Average (SMA) with this drop. With this price correction, the Relative Strength Index (RSI) has dropped to 44, and the MACD oscillator has moved below the signal line.
The price has since risen over 10% and Toncoin trades at $5.89, back above this SMA. Toncoinhas immediate support at $5.7 and immediate resistance at $6.1. The price is currently 28% below the ATH and Toncoin might rally again after this correction is over to reach this ATH.
Cutoshi (CUTO): Utility Meme Coin Set To Rival Solana
Cutoshi is a hybrid token that offers all the fun aspects of a meme coin community and pairs it with the practical use cases of a DeFi utility token. This hybrid nature sets it apart from traditional meme coins, giving it an edge over the competition.
It follows Satoshi Nakamoto’s vision of a decentralized economy that offers users privacy and monetary freedom. It has developed a DeFi ecosystem with practical features necessary for participating in decentralization.
At the center of the ecosystem is the Cutoshi DEX (Decentralized Exchange), a multi-chain exchange where users can swap their digital assets peer-to-peer across various blockchains. Since it is cross-chain interoperable, users can access all their assets under a single platform and manage their finances efficiently without frequently changing platforms.
The DEX offers almost instantaneous transfer speeds at a minimal 0.25% fee. Cutoshi uses 20% of these fees for the platform’s maintenance and liquidity providers and burns the rest to boost the native token’s value.
The native token is CUTO, which is worth $0.031 in stage 4. Cutoshi has raised over $1.35 million in the presale and early investors who made enormous returns are now doubling down as the presale has more stages to compound gains before the launch.
For more information on the Cutoshi (CUTO) Presale:
Join and become a community member:
https://twitter.com/CutoshiToken
https://t.me/cutoshi
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
