Drift Protocol Price Surges 53% in 24 Hours
The Drift Protocol price experienced a significant 53% surge in the last 24 hours, reaching $0.6467 by 03:21 a.m. EST. This surge was accompanied by a 141% increase in trading volume to $88 million following the launch of the Solana decentralized exchange (DEX) airdrop on May 16, which caused a 48% dip from its all-time high (ATH) of $1.25.
- The recent price surge is a result of a recovery from a key support level, as indicated by data from GeckoTerminal.
- DRIFT has been retracing to retest the $0.677 resistance level, exhibiting a bullish pennant pattern behavior.
Drift Protocol Price Set To Soar Over The Bullish Pennant Pattern
Technical indicators suggest a potential rally for the Drift protocol price over the bullish pennant pattern. DRIFT is currently trading above the 50-day and 200-day Simple Moving Averages (SMAs), providing strong support levels at $0.5952 and $0.4772. The Relative Strength Index (RSI) is at 57 and trending upwards, indicating growing buying momentum. Additionally, the Average Directional Index (ADX) at 51 signifies a strong bullish trend.
Drift Protocol Price Prediction
Short-term analysis on the 15-minute chart predicts a rally for DRIFT over the bullish pennant pattern towards $0.75. However, profit-taking by bears could lead to a price retracement below the $0.610 support level, with critical support at $0.59 and $0.47. Meanwhile, investors are also showing interest in $5SCAPE, a project that has garnered over $6 million in funding and is expected to surge post-launch.
5th Scape Garners Over $6 Million
5th Scape introduces a unique concept in virtual entertainment by combining VR, AR, and blockchain technology. The project’s focus on immersive VR gaming experiences makes it a highly anticipated venture in the crypto sphere. In addition to gaming, 5th Scape plans to offer movies and educational applications, with the potential to surge 100X following its launch.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.