Solana’s SLERF token (look for the cartoon sloth frothing at the mouth like the professor from Rick and Morty) has been inching back up to profit for the 7-day chart early Saturday after a week correcting downward since Apr. 24. That means this weekend may be a good time to buy SLERF at value and see if it rides higher. Meanwhile, investors are also keeping a close eye on newcomer $KAI Cat.
Solana SLERF Market Looking Bullish
Regardless of the underlying asset, when a commodity, stock, or cryptocurrency dips for a week in the middle of a broader uptrend and then begins to move up again, that is often a good time to make an entry into a liquid trading market because:
1. The coin is in an uptrend over a broader time period (in SLERF’s case for the past month)
2. All of the sellers have exited their long positions if the coin is rising again after correcting
3. The asset is available at value for a bargain price because of the recent correction
That’s an ideal buying opportunity right there from a technical analyst’s perspective, although other considerations must be taken into account as well and anything can happen in liquid markets so there are no guarantees of future results based on past performance or chart patterns. (More on another ideal buying opportunity in $KAI Cat by the end of this note.)
Still, there are educated guesses and calculated risks that pay off when taken carefully over time by a well-organized investor who does their research on the fundamentals of the industry they’re investing in, the assets they’re considering to get exposure to the industry’s gains, and the present conditions of the market and its participants for those assets.
Trading at $0.36 a coin Saturday by breakfast time on the East Coast in North America, once SLERF closes the gap to its most recent Apr. 24 peak of $0.52, if bulls break through resistance at that level, the next target for SLERF price could be the previous peak of $0.92 on Mar. 27. That could be excellent for traders who take a calculated risk and take profits at the right time.
Why Ethereum $KAI Cat Could Be The Next SLERF
A May 4 report by Analytics Insight says that the outstanding success this spring of coins like Slerf “is fuelling speculation that we’re in the beginnings of the latest meme coin mania.” “The big, smart money is always on the lookout for any hot crypto to buy, so where you see the big money being deployed, it might be a good idea to get invested,” says Insight.
That’s so true, and especially appropriate to mention in the case of SLERF because it was an immediate hit after its launch in March and entered the Ethereum market like “a bull in a China shop,” trading with more volume than the entire Ethereum network its base chain Solana competes with in the blockchain DeFi wars.
It was readily apparent that the crypto industry’s big and sophisticated money was backing the project. Professional traders immediately called SLERF tokens a “blue chip meme” (the way Wall Street traders call the real deal in equities “blue chip stocks”).
Traders looking for something with some risk, but big rewards and big backers proven by the market may want to look into SLERF further. But crypto altcoin hunters who missed buying SLERF for pennies in its presale before it pumped 5,000% in about a day, may be interested to check out a similar project in its presale phase:
Ethereum $KAI Cat, an ERC-20 cat meme cryptocurrency ready to bring on the AI and blockchain revolutions all at once. Though it is difficult to be certain, the project shows signs of backing by sophisticated meme coin investors, but that hasn’t been proven by the market yet.
While the presale price for SLERF is long gone, and its blue chip backing is a secret that’s already out (it had nearly 170,000 followers on X by May 4), $KAI Cat is still in its presale and has only 1,219 followers on X. In a space that moves as fast as blockchain, the early birds get the fattest worms.
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
