Popular AI-related memecoin, ACT, continues to show market strength as per crypto analyst Altcoin Sherpa. The trader, with a massive following of 233,000 on X, highlights the strong performance of ACT on the four-hour chart. ACT has surged past the .382 Fibonacci retracement level at $0.59 and is holding it as support currently.
Altcoin Sherpa attributes the impressive movement of ACT to some interaction with Elon Musk, noting that the technical analysis of the coin was solid as it built a strong base. Despite not reaching the desired $0.36 level, ACT has seen significant growth alongside other AI coins on November 29th.
Trading at $0.64, ACT has soared over 4,800% from its low of $0.0130 on November 5th. This Solana-based memecoin boasts a market cap of $616.8 million. Looking ahead, the analyst suggests that Solana may trade sideways between $259 and $210 for several months on the weekly timeframe before a potential breakout towards the end of 2025.
Solana is currently priced at $244, marking a 3.5% increase in the last 24 hours. Altcoin Sherpa advises that it is a good time to accumulate SOL between $200-$250.
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[Generated Image: Midjourney]