Is GRASS Token a Good Investment? Analysts See Deeper Pullback After Failed Attempt to Breach $2

GRASS token, one of the latest DePIN projects, attracts significant attention from analysts and the investing public. As a Layer-2 platform on the Solana blockchain

GRASS, the latest DePIN project to launch its token, has attracted the attention of analysts and investors alike. As a Layer-2 platform on the Solana blockchain, Grass allows users to share their unused internet bandwidth to participate in training AI models through a browser extension. The highly anticipated launch of its token and airdrop on October 28th had everyone excited.

While the airdrop encountered some problems, including a three-hour outage, the token’s price rally was undeniable. On October 29th, the token peaked at October 29th, then made a massive rally from October 31st until November 2nd, crossing the $1.50 level.

After reaching a high of $1.9175 on November 2nd, the token’s price上涨势头有所放缓, settling below the $1.75 level and currently trading at $1.45. GRASS encountered resistance at the $2 price, leading analysts to anticipate a deeper pullback. But is this the best moment to buy?

Trading for GRASS began on October 28th, but several problems delayed the token’s airdrop and launch. The team encountered technical difficulties, including users being unable to access their tokens on their Phantom wallets. Additionally, the rush to claim the tokens resulted in the three-hour power interruption. Some users also reported having their transactions flagged, and many were ultimately disqualified from the airdrop.

A total of 1 billion GRASS tokens were put into circulation, with 10% being allocated to early supporters and contributors. It’s still too early to tell the full extent of how these problems will affect GRASS, but the token has started off strong in terms of price.

Due to GRASS being launched only a few days ago, analyzing its price action is challenging. However, on the chart’s lower timeframes, analysts can observe a bullish trend. The token has above-average volume in the last 24 hours.

Additionally, starting October 30th, the token’s on-balance volume and price both increased. In short, there was buying pressure for the token, suggesting that price gains may follow soon.

However, GRASS encountered resistance at $2, which is a crucial psychological level for the token in the short term. According to analysts, the price may dip to $1.75 as the RSI is showing a bearish divergence.

Other analysts anticipate a deeper dive for GRASS Based on the technical charts, the analysts identified two significant liquidity pools at prices of $1.56 and $1.96. Currently, the price is closer to the liquidity pool at $1.56, and the token seems to be rejecting the $1.96 level.

Considering the bearish momentum and liquidity pool at $1.56, traders and holders can expect a price dip below $1,75. Swing traders or new buyers looking to enter a position may want to wait for the token’s retesting of $1.56 or even $1.4.