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Goatseus Maximus (GOAT), a Solana meme coin, has captured the attention of crypto whales following a 260% price surge over the past 30 days. On October 15, GOAT’s price was $0.10.

As of this writing, the meme coin’s value is $0.40.  The rapid rise in GOAT’s value suggests that it could be a key player in the meme coin space. But how far can these large investors take it?

According to Lookonchain, a crypto whale purchased $4 million worth of GOAT tokens on Binance. This isn’t the first time the investor has shown confidence in the Solana meme coin. 

Previously, addresses linked to the same whale revealed a $3.07 million investment in over 10 million GOAT tokens. Typically, when whales make significant investments in a token, it creates a ripple effect, attracting more retail investors to buy in. 

However, the opposite is also true—when whales dump their holdings, retail investors often follow, leading to sharp price declines. In the case of the meme coin, the whale’s consistent large-scale purchases are driving speculation of a sustained price increase. If this accumulation continues, then the meme coin might evade a drawdown.

Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide

Beyond that, on-chain data from Santiment reveals a massive spike in GOAT’s social dominance, a key indicator of rising interest. 

High social dominance often correlates with higher price values. This is because increased online discussions typically lead to greater demand for a token. When social dominance is low, however, conversations about the meme coin diminish, signaling waning investor interest.

Given GOAT’s current surge in social dominance, there’s a strong likelihood that the price could continue to rise as more attention and demand builds.

A closer look at the 4-hour technical setup for Goatseus Maximus suggests that the meme coin has significant potential for further gains. The token has established a strong support level at $0.30, which has held firm. 

Prior to this, bulls successfully defended the $0.20 zone, which played a crucial role in driving GOAT’s price up to $0.40. Given the current trend, bulls still appear to be in control, and as long as this momentum is maintained, GOAT could potentially rally even higher.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Specifically, GOAT could see a 16% climb, reaching a potential price of $0.46. However, late buyers should be cautious, as any profit-taking by whales could invalidate this prediction. If whales decide to book profits, GOAT’s price might experience a pullback to the $0.30 support level.

The post Solana Meme Coin GOAT Attracts Crypto Whales After 260% Price Spike appeared first on BeInCrypto.

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