Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
GRASS Price Surges Nearly 200% In One Week, Riding High on Airdrop and BTC Rally

GRASS Price Surges Nearly 200% In One Week, Riding High on Airdrop and BTC Rally

BeInCryptoBeInCrypto2024/11/08 13:00
By:Tiago Amaral

GRASS surged 187.99%, powered by airdrops and BTC highs. RSI indicates overbought conditions, while staked GRASS stability reflects investor confidence.

The recent price surge in GRASS, which is up 187.99% in the last seven days, appears to be fueled by the success of its airdrop and BTC new all-time highs. These factors, along with the upcoming listing of GRASS on Binance Futures with up to 75x leverage, have created a wave of bullish momentum.

However, the current RSI shows that GRASS is still in overbought territory, suggesting caution may be needed as buying pressure could fade.

GRASS RSI Is Above Overbought Stage

The RSI for GRASS has surged significantly following recent price increases, reaching 71.8, up from 55 just two days ago. This rapid rise indicates strong buying pressure, which has pushed the indicator into an overbought zone.

Such a swift movement highlights that GRASS has been experiencing an intense wave of investor interest. It’s important to remember that GRASS RSI reached roughly 85, days after its airdrop.

GRASS Price Surges Nearly 200% In One Week, Riding High on Airdrop and BTC Rally image 0GRASS RSI. Source: TradingView

The Relative Strength Index (RSI) is a momentum indicator that measures the speed and change of price movements. RSI values above 70 typically signal that an asset is overbought, while values below 30 indicate it is oversold. With the current RSI at 71.8, GRASS is in overbought territory, suggesting that the recent enthusiasm may have pushed prices too far, too fast.

However, since RSI has been dropping heavily since yesterday, it could indicate a potential cooling-off period, where the buying momentum is fading, and a price correction might be imminent.

Staked GRASS Is Now Stable

The cumulative staked GRASS has remained stable at 26,600,000 since November 6. This stability follows a slight decrease from its peak earlier in the month, suggesting that staking activity has settled into a consistent pattern.

The recent trends indicate that most of those who were actively staking have now locked in their positions.

GRASS Price Surges Nearly 200% In One Week, Riding High on Airdrop and BTC Rally image 1Cumulative Staked GRASS. Source: Dune

Tracking the staked coin metric is crucial because it provides insight into investor confidence and the commitment to holding the asset long-term. A higher amount of staked GRASS suggests that investors are less likely to sell, reducing available supply and potentially increasing price stability. On November 4 and 5, the staked amount approached 28 million but subsequently declined and stabilized at a slightly lower level.

This movement implies that while enthusiasm for staking was strong initially, some participants likely took profits or withdrew, leading to a more stable base of long-term stakers. This current stability may reflect a period of consolidation where committed investors are holding firm.

GRASS Price Prediction: A Potential 28,5% Correction?

Analyzing GRASS Ichimoku Cloud chart shows that the price is well above the cloud, suggesting strong bullish momentum, as the whole Solana ecosystem appears to be pumping.

The first key support zone lies around the upper edge of the cloud, approximately at the $2.9 level, which aligns with where the cloud begins to thicken.

GRASS Price Surges Nearly 200% In One Week, Riding High on Airdrop and BTC Rally image 2GRASS Ichimoku Cloud Chart. Source: TradingView

If the price declines further, the lower edge of the cloud, around the $2.5 level, will serve as the next significant support. That would mean a potential 28.5% price correction as GRASS becomes one of the coins attracting more attention among newly launched Solana coins.

If BTC continues its strong momentum and the Binance listing brings strong buying pressure, GRASS could continue its uptrend, probably breaking the $4 threshold soon.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

WLFIUSDT now launched for pre-market futures trading

Bitget Announcement2025/08/23 13:50

New spot margin trading pair — SAPIEN/USDT!

Bitget Announcement2025/08/22 10:56

Bitget Will Delist MKR on 2025-08-22

Bitget Announcement2025/08/22 10:15