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Goatseus Maximus, the popular Solana meme coin, surged this week, crossing the significant resistance level at $1 as the crypto fear and greed index rose.
Goatseus Maximus (GOAT) token reached a record high of $1.066 on Thursday, Nov. 14, before slightly pulling back to $0.95. It has soared by almost 500% from its lowest level in October, bringing its market cap to over $932 million.
GOAT’s surge coincided with listings by several exchanges this week, expanding its availability to millions more traders. It was listed by Bybit, the second-largest exchange globally, as well as Uphold and Bitget. Historically, cryptocurrencies often experience a jump when listed by some of the top exchanges.
Despite these advancements, GOAT is still not offered by most tier-1 exchanges, which could potentially catalyze future growth. Most of its trading volume occurs on exchanges like Gate, MEXC, and Raydium, suggesting that with increasing volume, major platforms like Coinbase, Binance, and Crypto.com might also list it.
The rally also unfolded as a sense of Fear of Missing Out spread in the crypto market, with the fear and greed index jumping to the extreme greed zone of 86. Meme coins typically rally when investors are in a greedy state.
This trend is evident as other popular Solana meme coins also surge. For instance, Peanut the Squirrel (PNUT) token has surged by over 1,390% in the past seven days, while ACT has jumped by 2,758%. Other top performers include Bonk, Cat in a Dog’s World, and Book of Meme.
Technicals point to GOAT price soaring to $5
The 4-hour chart indicates that the Goatseus Maximus token bottomed at $0.1563 on October 21 and reached a record high of $1.066 this week.
It has formed a rare cup and handle pattern, which is typically a bullish continuation sign. The ongoing consolidation is part of the handle section.
GOAT’s price also remains above the 50-period and 25-period moving averages, which is a positive sign.
More gains could be confirmed if the GOAT token price surpasses this week’s high of $1.066. If this occurs, and the ongoing meme coin rally continues, the GOAT token price could potentially jump to $5, representing a 426% increase from the current level.
These big swings are common in the meme coin industry. For example, coins like Luce, Fartcoin, Comedian, and Zerebro have soared by over 500% in the last seven days alone.