Picking up on the trend of the Paris Olympics, the 400% rise from SOLYMPICS teases a breakout run to $0.0050.
Based on the upcoming Paris Olympics 2024, the newly released SOLYMPICS token, a low market cap altcoin, has recorded a quick upsurge. As its market cap stays under $2 million, the $2.35 million 24H trading volume results in a 146% volume to market cap ratio.
With high trading activity compared to its market cap, SOLYMPICS witnesses strong demand and high bullish momentum. Will the initial demand and the high momentum uptrend boost SOLYMPICS to $0.010?
Minor Correction for a Breakout Run In SOLYMPICS
Trading at $0.001771, the SOLYMPICS token has witnessed a massive surge in its early days from the initial price of $0.000921 to the peak at $0.004168. However, a high momentum rally results in a bullish exhaustion, starting a minor correction phase.
Currently, the bearish reversal from the peak tests the crucial horizontal support zone at the $0.001671 level. The downfall accounts for a price drop of 57% in market value and slump under the $0.0020 level.
Furthermore, the declining trend forms a resistance trendline market in the price chart above. As the $0.001671 support zone holds the altcoin from facing further correction, SOLYMPICS is trapped within a descending triangle pattern.
Will $SOLYMPICS Win the Olympic Meme Coins Race?
As the Paris Olympics starts on July 26, the meme coins based on the Olympic theme are picking up pace. Amid the race, the quick 400% rise in the initial hours of its trading, $SOLYMPICS showcases strong underlying potential.
With the triangle breakout run, the meme coin is likely to surpass the $0.0050 psychological level for a surge to potentially $0.010. Hence, with the 5x potential rally in the coming days, SOLYMPICS is a great choice in its segment.
On the flip side, a downfall under the $0.001671 support level will likely drop SOLYMPICS for a major crash. The next support levels for the meme coin are at $0.0012 and the psychological mark of $0.0010.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
