Popular crypto analyst Altcoin Sherpa says a red-hot artificial intelligence (AI)-related memecoin continues to show market strength after a massive surge.
The pseudonymous trader tells his 233,000 followers on the social media platform
According to the trader’s chart, ACT has broken the .382 Fibonacci retracement level at $0.59 and remains as support at the time of writing.
“ACT is moving extremely well, a huge move by some Elon [Musk] interaction. However, its technical analysis was also very solid as it built a base (it didn’t go all the way to $0.36 as I wanted). Big moves for all these AI coins [November 29th]let’s see what happens.”
ACT is trading at $0.64 at the time of writing, up over 4,800% from the low of $0.0130 on November 5. The Solana (SOL)-based memecoin has a market cap of $616.8 million.
Then the analyst suggests that Solana could trade sideways between $259 and $210 on the weekly time frame for many months before potentially breaking out in late 2025.
“SOL between $200 and $250 in my opinion. A good time to gather.”
Solana is trading at $244 at the time of writing, up 3.5% in the last 24 hours.
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Generated image: Midjourney