GRASS Price Plunges 12% Following Technical Issues in the Airdrop Launch on Solana

Highlight:

• GRASS price fell 12% due to technical issues during the airdrop, raising concerns about the project’s stability.
• A symmetrical triangle pattern on the chart indicates a potential bullish breakout if the price breaks above the upper trendline.
• The 50-period moving average at $0.778 offers support, suggesting that a breakout could push the price above $0.90.

The Grass price has plunged 12% in the last 24 hours to trade at $0.8594 as of 4:25 a.m. EST, fueled by a 125% pump in trading volume to $209 million. Now the market capitalization stands at $205 million.

The drop in GRASS follows technical issues during the Grass network’s airdrop on Solana. The Grass network, a decentralized platform on Solana, enables users to earn by sharing idle bandwidth for AI training, emphasizing privacy. However, its October 28 airdrop of GRASS tokens encountered technical issues, preventing many Phantom wallet users from accessing their tokens.

Can’t claim $GRASS airdrop?

-> Click on Priority(Fast) set it to “Turbo”
-> Click on settings, select Quicknode RPC endpoint.
Hit save and claim.

-Must have 2-3$ worth SOL in wallet
-Use @Backpack wallet( If phantom is not working for you)

Feel free to comment down if you… pic.twitter.com/w8gxUP3gUA

— avinsgolakiya.eth (@Avinsgolakiya) October 28, 2024

This airdrop, intended to reward early supporters with 10% of the total supply (100 million GRASS), was marred by operational setbacks, leading to criticism and casting doubt on the project’s preparedness. On launch, the token’s market performance was weak, influenced by sell pressure, broader market conditions, and the initial technical glitches.

This mishap, coupled with weak market performance and high sell pressure, led to disappointment and raised concerns about Grass’s readiness. These challenges underscore the need for robust infrastructure in blockchain airdrops, an issue seen in other recent launches like Hamster Kombat (HMSTR).

GRASS Statistics

• Grass Price: $0.8491
• Market capitalization:$205 million
• Trading Volume: $209 million
• Circulating supply: 243 million
• Total supply: 1 billion

Grass Price Signals A Breakout Above the Symmetrical Triangle

The 15-minute chart for the GRASS/USD pair displays a symmetrical triangle pattern, suggesting that the price is consolidating and might soon experience a breakout. This pattern often indicates an impending move in the direction of the breakout, which could be either upward or downward.

In this case, the upward blue arrows suggest a potential bullish breakout if the price moves above the triangle’s upper trendline. The price is currently at 0.8555, and the chart shows a parabolic curve that led up to the formation of the symmetrical triangle. This parabolic curve indicates strong bullish momentum, which could increase prices if a breakout occurs.

The chart also includes two moving averages, providing insight into support levels. The 50-period moving average (blue line) is currently around 0.778, which is below the price and indicates short-term support. The 200-period moving average, while not visible within the immediate price range, would serve as a significant support or resistance level over a longer period if the price approaches it.

Grass Price Technicals Signal a Bullish Rally

Looking at the MACD (Moving Average Convergence Divergence), the MACD line (blue) is slightly above the signal line (orange) with a value near zero, hinting at mild bullish momentum. If the MACD line crosses above the zero line, this could confirm increased buying pressure and signal a stronger upward move.

The RSI (Relative Strength Index) currently sits at 56.81, comfortably below the overbought level of 70. This suggests that the bulls can drive the Grass price up before hitting overbought conditions, supporting the possibility of a bullish breakout.

Given the supportive moving averages, a favorable RSI, and the symmetrical triangle pattern, the setup indicates the potential for a bullish breakout. For confirmation, watch for an increase in trading volume alongside the MACD line moving further above the signal line. If a breakout occurs, the price could climb further, potentially targeting levels above $0.90.