Meme Coin SATS Price Rose 18%: Will It Target December 2023 Highs?

SATS, a Meme coin under the top 100 cryptos, has received attention lately. When writing, it was one of the top crypto performers, gaining over 18% in the past 24 hours, per CoinMarketCap.

Lastly, it traded at $0.000000309, and SATS has eyed a retest of support-turned-resistance at the $0.00000044 hurdle level. A break above that level could see SATS pump back to its December 2023 highs above $0.00000097.

SATS Numbers On The Go

When writing, SATS ranked 87th in terms of market cap, which reached $649.98 Million. The 24-hour volume was 255.7 Million, and its spot inflow rocketed 160% intraday.

Even more mesmerizing subject was the high liquidity present in the crypto. The volume-to-market cap ratio was remarkably higher at 39.21%, where traders’ interest was high, making trading easier and nearest to exchange prices.

SATS Holders Data | Source: Coincarp

According to its tokenomics, the supply has reached 2.1 trillion SATS floating in the market, and the top 10 holders are 65.99%, with growing adoption where holders have reached 48,275.

SATS (SATS) Derivatives Data Analysis

At press time, the SATS derivatives volume surged more than 110%, and the derivatives inflow reached $385.78 Million. The number of open contracts surged more than 37.15%, reaching $26.92 Million.

SATS Total Liquidations Chart | Source: Coinglass

The liquidation indicated more shorts dominances, signifying surged optimism in the price. Meanwhile, the shorts liquidated amount was $894.99K, and the longs liquidated in the past 24 hours were $531.45K.

Meme Coin SATS Price Overview

Earlier, the trend had been a downward trend. In the SATS price, entire trading activity had occurred in a wedge, where the past 45 days of price activity had led to a bullish pattern formation, precisely the falling wedge’s breakout. The breakout was confirmed when the prince traded above the upper border after July 15th, 2024.

A recent breakout pullback has been completed, and the price may soon make a Change of Character (CHoCH) by moving past the 200-day EMA. This phenomenon could take the SATS price to the moon. The pullback began this week and surged beyond 120% after taking support from the upper border as support.

SATS Price Indicators’ Assessment

The SAT price indicators indicated that the bullish optimism has increased, as MACD has built a bullish crossover, where the histogram grew to 59.72. Meanwhile, the RSI was at 59.67 and has bounced back towards overbought, signifying grown optimism in the market.

At press time, the upper border would lead to meet the hurdle at $0.000000447 and $0.000000586, respectively. However, the resistance could push the price toward the near support at $0.000000246 and $0.000000116, respectively.

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