GRASS Token Struggles to Surpass $2 Price Mark After Launch
GRASS token, a new DePIN project on the Solana blockchain, enables users to share unused internet bandwidth for AI model training via a browser extension. Its token launch and airdrop on October 28 attracted significant interest.
Despite a three-hour outage during the airdrop, GRASS experienced a price rally, reaching a peak of $1.9175 on November 2 before settling around $1.45. Analysts note that it has struggled to breach the $2 mark, indicating potential for further pullbacks.
A Rough Start For GRASS
The trading of GRASS commenced on October 28 but faced technical issues that delayed the airdrop. Users experienced difficulties accessing tokens in Phantom wallets, and some transactions were flagged, leading to disqualifications from the airdrop.
WTF is this @getgrass_io @grassfdn I’m using it since Epoch 1 and after 10 months of using, it is saying that your wallet is not eligible?? Really?#grassairdrop #grassfoundation #grassSCAM pic.twitter.com/wt7BWPBI1R
— Phantom Soul (@PhantomSoulll) October 28, 2024
With 1 billion GRASS tokens in circulation, 10% were allocated to early supporters. The long-term impact of these issues on GRASS remains to be seen, though initial pricing was strong.
Token Tries To Breach $2
Following its recent launch, GRASS exhibits a bullish trend in lower timeframes, with above-average trading volume. The token's on-balance volume and price began increasing on October 30, indicating buying pressure.
However, resistance at the $2 level persists, and analysts predict potential dips to $1.75 due to bearish divergence reflected in the RSI.
Other Analysts See A Deeper Dive For GRASS
Technical analysis reveals liquidity pools at $1.56 and $1.96. Currently, GRASS is closer to the $1.56 pool, suggesting a likely dip below $1.75. Traders may consider waiting for retests at $1.56 or even $1.40 before entering positions.
Featured image from Pexels, chart from TradingView