The newly launched SOLYMPICS token, a low-cap altcoin inspired by the upcoming Paris Olympics, has seen a dramatic surge in its early days, with its price increasing by over 400%.
Despite its low market cap, which currently sits under £2 million, SOLYMPICS has attracted significant trading activity, registering a 24-hour trading volume of £2.35 million. This translates to a remarkable 146% volume-to-market-cap ratio, indicating strong demand and bullish momentum.
The question now is, can this initial hype propel SOLYMPICS to reach the £0.01 mark?
Minor Correction After Breakout
After a meteoric rise from its initial price of £0.000921 to a peak of £0.004168, SOLYMPICS has experienced a minor correction. Currently trading at £0.001771, the token has faced a 57% decline from its peak, falling below the £0.0020 level.
The price action suggests bullish exhaustion following the initial surge, with the token testing crucial horizontal support at £0.001671. This support level is vital for preventing further correction. Additionally, the price chart displays a descending triangle pattern, indicating potential for a breakout or a continued downward trend.
Olympics-Themed Meme Coin Race
As the Paris Olympics approach (commencing on 26th July), numerous meme coins themed around the games are gaining traction. SOLYMPICS has positioned itself as a strong contender in this race, showcasing its potential with its impressive early gains.
The breakout from the descending triangle pattern could propel SOLYMPICS beyond the psychological level of £0.0050, potentially pushing it towards the £0.01 mark. This signifies a potential 5x rally in the coming days, making SOLYMPICS an appealing choice for investors in this sector.
Potential Downsides
However, breaking below the £0.001671 support level could trigger a significant crash in SOLYMPICSâ price. The next major support levels lie at £0.0012 and the psychologically significant £0.0010.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author's personal opinions and do not reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.