DRIFT Price Prediction: Can the Solana-Based Token Sustain the 500% Upswing after a New ATH?
- Patricia ArquetteOriginal
- 2024-11-09 18:24:21757browse
Drift witnessed a huge influx of volume after the popular exchanges listed the Solana-based token
Popular exchanges listing the Solana-based token led to a massive influx of volume for Drift.
After a 500% rise in just two days, the question remains whether the DRIFT price rally will continue.
Bitcoin price action saw a rise above $77,000, and as mentioned in our previous analysis, the traders at these levels might have cashed out their long positions. This led to a slight pullback from the levels, which has put the overall crypto market in a consolidation phase.
However, one of the upcoming tokens, DRIFT, managed to grab the attention of a massive chunk of traders with over 4000% trading volume in just a few hours.
The DRIFT price saw a massive spike and created a new all-time high at $2.65, followed by a slight pullback that saw the support at $2 holding strong. Now the question is, will the token continue in the prevailing ascending trend, discovering new highs each new day. Or will the traders shift their focus away from the token and continue to just hold without bringing in the buying volume, which will leave the token in the dull range?
The buyers have shown immense confidence in the token, as the selling pressure has been minimal throughout. Hence, there might be a bullish continuation, as the token has been seen defending support for the past few hours.
The short-term price action suggests that the DRIFT price might be seeing some bearish action as the MACD shows a decrease in the selling pressure. Moreover, the levels are preparing for a bearish crossover, which might confirm a fresh descending trend. On the other hand, the stochastic RSI has entered the oversold zone, which shows a bullish rebound might be just around the corner. Hence, if the selling pressure does increase, the levels might see 0.5 FIB at $1.66, which might further trigger a strong rebound, aiming for new highs.
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