Increasing Investments by Whales Could Propel CHILLGUY Price Rally
CHILLGUY’s price, a Solana memecoin, might be paving the way for a significant rally as whale investors are investing heavily, even amidst continuous retail selling.
Short-term Trend of CHILLGUY
The CHILLGUY price recently hit a low at $0.0383 and has been experiencing a rebound. It is currently testing the 7-day EMA as the bearish momentum appears to be fading on the MACD. With the net monthly inflows over $560,000 by whales, there is potential for a rebound as soon as the retail supply runs out.
The price of CHILLGUY previously failed to break out of a cup-and-handle formation and formed a bearish double top around $0.12, resulting in the price slipping to the $0.04 level. An attempted recovery at the end of July was rebuffed, causing the memecoin’s price to hit its lowest level since April, settling at $0.03830 on August 25. Subsequently, it bounced back with a nearly 8% increase in one day. At the time of reporting, CHILLGUY is trading at $0.04496 and taking on the dynamic 7-day EMA resistance.
Detailed Technical Analysis of CHILLGUY
The short-term trend of CHILLGUY remains bearish as the EMA 7 stays much lower than EMA 20. But, the bearish momentum on MACD is lessening as the lines move towards a potential crossover. The recent low price of $0.03830 is seen as a vital support level that may determine the next major move for the price of CHILLGUY.
Significance of Whales’ Investments in CHILLGUY
Interestingly, whale investors are investing heavily, bringing in more than $560,000 in net monthly inflows, even as retail wallets keep selling their holdings. Historically, this type of divergence is observed as an indication of a local bottom where, once the retail supply is depleted, the price has the potential to rebound even with relatively small demand.
Many of the CHILLGUY whales are also large holders of other Solana memecoins such as TRUMP, WIF, and PENGU, signalling potential upward movement in these tokens as well, especially PENGU, which has recently experienced a surge.
Crucial Support and Resistance Levels
With respect to the current CHILLGUY price structure, a few crucial levels have emerged. There is immediate resistance around the 7-day EMA at $0.045, followed by the psychological $0.05 level. Breaching this could potentially lead to $0.065, the 20-day EMA’s current position.
On the downside, the recent low of $0.03830 signifies the primary support level. If this is broken, CHILLGUY’s price might approach the $0.032 region, marking a deeper correction. However, the substantial accumulation by whales at current levels hints at this support level likely holding up.
Market Sentiment and Projection
The market sentiment surrounding CHILLGUY price appears mixed, with signs of fatigue among retail investors due to the recent downturn. Nonetheless, the continuous accumulation by whales suggests a more optimistic outlook from sophisticated traders who usually have longer investment horizons.
Basing on the current technical indicators and whale behavior, CHILLGUY price could experience a gradual recovery towards the $0.065-$0.08 range over the coming weeks, provided it upholds support above $0.038. The convergence of technically oversold conditions and robust institutional interest creates a favorable scenario for a possible trend reversal, making this an interesting entry point for patient investors.
CHILLGUY’s Comparison with Other Solana Memecoins
CHILLGUY’s recent performance when compared with other Solana memecoins does not seem disparate. Like CHILLGUY, memecoins such as WIF and BONK have also undergone significant corrections from their peaks. However, what sets CHILLGUY apart is its recent pattern of whale accumulation, unlike many of its peers which continue experiencing net outflows from large holders.
Contrary to newer memecoins which often depend solely on hype cycles, CHILLGUY has managed to garner a more stable base of institutional interest, manifested in the sustained buying by whales despite the retail selling pressure. This dynamic reflects successful Solana memecoins that have managed to maintain relevance past their initial launch excitement, positioning CHILLGUY’s price for potential superior performance when the broader memecoin sector makes a comeback.
