Goatseus Maximus (GOAT) Resurfaces the Popularity of Solana-based Meme Coins

The popularity of Solana-based meme coins has resurfaced with the launch of Goatseus Maximus [GOAT]. This meme coin has attracted significant attention

A Solana-based meme coin, Goatseus Maximus [GOAT], has seen a recent surge in popularity, thanks to its impressive performance over the past few days. However, a crypto whale with an unrealized profit of over $9 million has sold off their GOAT holdings.

According to data from the blockchain transaction tracker Lookonchain, the whale sold 9.23 million GOAT tokens on 24th October, when the meme coin reached its all-time high. The whale initially spent nearly $7.5 million to buy 22.48 million GOAT meme coins at an average price of $0.334.

This might be the reason behind GOAT’s recent price decline. At press time, GOAT was trading near $0.632 and has experienced a price decline of over 22% in the past 24 hours.

During the same period, its trading volume jumped by 34%, indicating heightened participation from traders and investors. This growth in trading volume is a positive sign for GOAT holders, as it shows continued enthusiasm despite the notable sell-off.

According to AMBCrypto’s technical analysis, GOAT appears bearish as it has formed a bearish head-and-shoulder price action pattern in the four-hour time frame.

In trading and investing, this pattern is often seen as a sell-off signal.

Based on the price action, if GOAT breaches the $0.60 neckline and closes a four-hour candle below it, there is a strong possibility it could decline by 16%, reaching the $0.51 level in the coming days.

GOAT’s negative outlook is further supported by on-chain metrics. According to the on-chain analytics firm Coinglass, GOAT’s Long/Short ratio stands at 0.928 at the time of writing, indicating strong bearish sentiment among traders.

Additionally, its open interest has skyrocketed by 99% over the past 24 hours and by 16% over the past four hours. This rising open interest indicates strong participation and a buildup of more positions compared to the previous day.

A combination of rising open interest and a Long/Short ratio below 1 is bearish, indicating that bears are currently dominating the asset.

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