As a seasoned analyst with over two decades in the financial markets, I have witnessed many bull runs and bear markets, but the recent surge of MICHI has caught my attention. With its monthly gains exceeding 66%, this Solana-based meme coin is not just making waves, it’s creating tsunamis.
Whales have turned their attention to MICHI as the meme coin’s monthly gains exceeded 66%.
On October 30th, MICHI reached an intraday peak of $0.38 following a breakout from a narrow trading band that had persisted for the previous six days, ranging between $0.24 and $0.28. This event elevated its market capitalization to approximately $203.8 billion. At the time of writing, the daily trading volume of this altcoin surpassed $23.7 million.
The surge in the Solana token was triggered by numerous large transactions observed on Solscan. A recently funded ‘giant’ investor address started dollar-cost averaging, investing $1.4 million into Michi. Additionally, at least two other big investors were spotted adopting a similar strategy with investments of $405,000 and $302,773 respectively.
Large-scale investors often view their investments in cryptocurrencies as a positive sign, suggesting they believe in the project’s future success after thorough analysis. With the meme coin market gaining popularity, it is not uncommon to see such investors showing interest in lesser-known, lower-capitalization coins like MICHI, attracted by the growth potential of these smaller tokens.
Last month a Dubai-based venture capital firm also revealed plans to invest over $30 million in the meme coin.
Additionally, it’s worth noting that the number of individuals owning MICHI coins has significantly increased recently. According to Solcan’s data, a total of more than 36,561 investors currently have the meme coin included in their investment portfolios.
If Binance, a top-tier exchange, decides to list the token, it could potentially lead to an even greater increase in the number of its holders. Notably, Binance has previously added two tokens from Pump.fun, MOODENG (Moo Deng) and GOAT (Goatseus Maximus), to their platform. After these listings, the prices of both tokens surged significantly during the subsequent days.
MICHI is moving towards a potential listing on KuCoin, having ranked second in their GemVote event. If the community continues to show strong support, it could help secure a place for MICHI on the platform.
As an analyst, I’m observing that the feline-themed meme token has found its place on various second-tier trading platforms such as MEXC, LBank, and BingX. Notably, the most recent listing was secured by RabbitX, a cutting-edge decentralized derivatives exchange.
Over the past month, I’ve been fortunate to witness significant advancements that propelled MICHI by approximately 67%. At present, it stands as the fourth-largest token on the Pump.fun platform in terms of market capitalization, which is an exciting development for me as a researcher following this space closely.
MICHI rally could continue
On the one-day MICHI/USDT graph, the meme coin is found near the top of the Bollinger Band, signifying that the uptrend continues to be robust. The Moving Average Convergence Divergence (MACD) further supports this observation as the MACD line (blue) approaches a crossing above the signal line (orange), suggesting an impending bullish crossover.
As a researcher, I observed that MICHI’s price surpassed its 50-day Moving Average, suggesting the market bulls are maintaining control. Moreover, its Relative Strength Index stood at 62, signifying there is still potential for additional growth before it potentially reaches overbought levels.
During this period, a fellow community member noted that a “cup and handle” pattern, considered a bullish signal, appeared on MICHI’s one-day chart. To validate the pattern, MICHI should surpass the $0.37 resistance level, which represents the peak of the formation.
If verified, this trend might set the stage for a robust increase in price, potentially leading towards the meme coin’s previous record high of $0.58, which was achieved in May.
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2024-10-30 14:42