The analyst noted that the altcoin, which rose close to 50x, has broken through the critical resistance level and the technical outlook is strong.
Popular crypto analyst Altcoin Sherpa has stated that the artificial intelligence (AI)-focused memecoin Act I: The AI Prophecy (ACT) is maintaining its market strength after a massive rally. Speaking on Twitter, Sherpa stated that ACT is also giving solid signals in terms of technical analysis.
According to the chart shared by the analyst, ACT managed to break out of the 0.382 Fibonacci retracement level at $ 0.59 and is holding this level as support. Sherpa made the following statement on the subject:
ACT is moving extremely well. It got a big boost from an interaction with Elon Musk. It also has a strong technical foundation.
According to the latest data, ACT is trading at $0.61, up more than 4,700% from its low of $0.0126 on Nov. 5. Based on Solana (SOL), this memecoin currently has a market cap of $616.8 million.
Sherpa also recently provided a long-term analysis for Solana (SOL), suggesting that the price could move sideways in the $210-$259 range until late 2025, which could be an ideal period for accumulation.
The information contained herein does not contain any investment advice.
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