The last two days’ fall in Solana (SOL) has been brutal, as the price has decreased by 10%. This sharp fall came after the rising tension in the Middle East, and history tells us that the recovery after this kind of event usually happens sharply.
This correction has put long traders on the back foot. They are actively searching for potential coins to cover their losses. Some Solana whales booked positions created from the lower levels and diverted one-third of funds into utility memecoin Cutoshi (CUTO).
The shift of SOL Whale’s attention towards Cutoshi is due to its utility, which brings uniqueness compared to other meme coins. Also, CUTO is in the initial stage of it’s presale, which makes the upside uncapped for the coin.
Solana (SOL) Fails To Maintain $162 Level
In the last two months, Solana has faced rejection from $162 for the third time, which indicates that the supply is sitting at that level. Currently, it is taking support at the 50-day moving average around $145. Solana has made a second higher high in the recent leg, so the expected recovery can come soon.
Solana’s key support levels are $140 and $125, which have been tested multiple times since mid-July. If this support breaks, Solana could face more downward pressure, with the next likely support level around $110. From here, a sharp bounce is required to take Solana to new heights.
Also, recently, Coinbase announced that it will support two new tokens based on Solana: io.net and Degen. The exchange shared the news late Tuesday, revealing that these tokens are now part of its listing roadmap. Soon, users will have the opportunity to trade these tokens on the platform.
Cutoshi (CUTO) Can Change The Trend In Memecoin
Memecoins have made huge returns in the past but have also faced negative sentiments in the recent correction. But according to some crypto veterans, the combination of memecoins and utility can change the direction of trend in the sector. Cutoshi is one of the meme coins who is making this happen.
Cutoshi is putting a fresh perspective on meme coins, channeling the luck of the Chinese Lucky Cat to bring good fortune. Cutoshi embraces decentralization, emphasizing privacy, freedom, and a robust DeFi structure to keep everything moving smoothly.
It has different features, including a decentralized exchange (DEX), a farming protocol, and an educational platform. The deflationary tokenomics ensure sustainability while promising attractive returns for long-term holders.
NFTs are important in the web3 and cryptocurrency space, and Cutoshi is bringing NFTs into its ecosystem. The idea is to introduce a series of NFTs with useful features that can be applied in the platform. It is worth noting that only 8,000 NFTS will be minted during the project’s period, so they will be exclusive, and there is a high probability that demand will surge.
Furthermore, the project has amassed $285k in presale so far, which demonstrates a very positive response from the investors. The initial presale price is $0.015 and a total supply of 440 million Cutoshi coins. This supply limit, along with the token burn mechanism, may give early investors greater returns.
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