Despite SOL rising by 10% on its weekly chart, the altcoin failed to clear the $172 resistance zone. Solana’s price is correcting its gains and could soon retest the $162 support zone. Notably, there was a breakout below a connecting bullish trend line with crucial support at the $166 mark on its hourly chart. Solana now trades above the $162 level and the 100 hourly simple moving average.
Meanwhile, as investors navigate the volatile market, the search for better hedge options intensifies. Cutoshi (CUTO), a unique dominant presale player, is emerging as an intriguing option. It aims to deliver impressive growth potential and harness engaging community support.
Cutoshi’s MemeFi Appeal Draws Smart Money
Cutoshi has witnessed considerable interest as the next MemeFi hub. It has combined the allure of meme coins with DeFi functionalities. The project draws inspiration from the Chinese Lucky Cat and aims to bring luck and prosperity into the blockchain. Adopting Satoshi’s vision of blockchain technology, aiming to create a robust ecosystem where all decision-making powers and control is in the hands of its users.
To achieve these objectives, Cutoshi’s ecosystem has superior features, including the multichain DEX, which will enable cross-chain transactions. This will simplify trading, allowing users to swap their crypto assets across multiple blockchains, eliminating interoperability issues. This, coupled with the token farming mechanism, learning academy, Cutoshi Merch, and NFTs, has set the project in a position to emulate the growth shown by popular Ethereum-based meme tokens like SHIB and DOGE.
Another interesting feature is the deflationary mechanism that intends to increase the demand for CUTO, fostering long-term value appreciation. In stage two of its presale, Cutoshi has raised over $500K and delivered 46% ROI to its early adopters who bought their tokens at its initial offering of $0.015. At the moment, Cutoshi tokens are selling for $0.022. As such, savvy investors can capitalize on this intriguing opportunity before the price soars.
Will Solana Price Revisit The $162 Resistance Level?
After rallying above the $150 and $155 levels, the SOL token gained momentum to close above its lower resistance level around the $162 mark. Afterwards, the bears took control of the market near the $172 range, which triggered a downward correction, dropping below the $168 level and the 50% Fib retracement level, which was an upward trajectory from the $161.23 swing low to the $171.00 high.
Source: TradingView
However, the price of SOL had a break below a connecting bullish trendline, with the $166 range acting as support on its hourly charts. SOL Token is now hovering above the $162 mark and its 100-hourly simple moving average. Solana’s price prediction indicates that the altcoin will face resistance near the $168 level and another significant resistance between the $170 and $172 range. If the price of SOL closes above these regions, it could trigger a rally, with the next key resistance level around the $180 mark.
However, if Solana coin fails to breach the $170 level, the altcoin will experience the start of another decline, dropping to its lower support level around the $164 mark, or the 76.4% Fib retracement level, which is an upward trajectory from the $161.23 swing low to the $171.00 high. Notably, the first significant support is around the $162 region. A breach below this point might further send its price down between $155 and $150.
Can Cutoshi Surpass Solana Meme Coins In The Next Bull Cycle
With a solid DeFi foundation, it wouldn’t be hard for Cutoshi to see massive adoption. This sustainable approach to meme coins could be a key driver for Cutoshi’s growth in token value.
For more information on the Cutoshi (CUTO) Presale:
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https://twitter.com/CutoshiToken
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