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The GRAS token, one of DePIN’s latest projects, is attracting significant attention from analysts and the investing community. As a Layer-2 platform on the Solana blockchain, the Grass platform allows users to share unused internet bandwidth to train AI models using a browser extension. With its promising technology, it is not surprising that the launch of the tokens and the final airdrop of October 28th were highly anticipated.
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Although the airdrop was marred by several problems, including a three-hour outage, the token’s price rally was successful. Last October 29, the token reached its peak on October 29th, then made a big rally from October 31 to November 2, breaking the level of $1.50.
After hitting a high of $1.9175 on November 2nd, it has gone down, stayed below the $1.75 level, and is now trading at the $1.45 level. GRASS rejects $2 value, analysts see deep pullback—so, is this the right time to buy?
GRASS’s Hard Start
GRASS trading started on October 28, but several issues delayed the token’s launch and launch. The team recorded technical issues, including users being blocked from accessing their tokens in their Phantom wallets. Also, the rush to find the tokens was marred by a three-hour power outage. In addition, some users reported flagged transactions, and many were excluded from the airdrop.
WTF is this @getgrass_io @grassfdn I have been using it since Epoch 1 and after 10 months of use, it says your wallet is not suitable?? Really?#grass #grassfoundation #grassSCAM pic.twitter.com/wt7BWPBI1R
– Phantom Soul (@PhantomSoulll) October 28, 2024
A total of 1 billion GRSS tokens were distributed, and 10% were given to early supporters and donors. It is still too early to see the full extent of the impact of these issues on GRSS, but the token is off to a good start in terms of price.
The token is trying to break $2
It’s challenging to make sense of the GRSS price action as it was introduced a few days ago. However, analysts see a bullish trend in the lower periods of the chart. The token boasts above average volume in the last 24 hours.
Also, the token balance volume and price has increased since October 30th. In short, there was some buying pressure for the token, suggesting that price gains are likely soon.
However, GRASS rejected $2, making it a sign of short-term psychological resistance. Analysts say the price may reach $1.75 as the RSI is showing a bearish divergence.
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Some Analysts See Deeper Dive For GRASS
Based on the technical charts, the analysts have found two significant spending pools at the prices of $1.56 and $1.96. The current price is currently close to the liquidity pool at $1.56, the token seems to reject the level of $1.96.
With bearish momentum and a liquidity pool at $1.56, traders and owners can expect the price to drop below $1.75. Swing traders and new buyers looking to enter the position can wait for the token to recover to $1.56 or even $1.4.
Featured image from Pexels, chart from TradingView