NYC Memecoin Peaks at $600M Market Cap Before Plummeting Below $100M
- Token Market Fluctuation: The NYC token surged to a $600 million market cap on the Solana blockchain but plummeted below $100 million after liquidity was extracted, resulting in over $3.4 million in investor losses and severely undermining confidence in celebrity-endorsed tokens.
- Liquidity Extraction Behavior: The deployer wallet 9Ty4M provided one-sided liquidity on Meteora DEX, pulling approximately $2.5 million in USDC at its peak and later re-injecting $1.5 million after a 60% price drop, indicating clear signs of a 'soft rug pull' that raised further questions about the project.
- Celebrity Promotion Risks: Former NYC Mayor Eric Adams promoted the token on social media, claiming it aimed to 'combat anti-Semitism and anti-Americanism', but liquidity drained rapidly within 30 minutes of promotion, exposing the project's high centralization risk.
- Market Manipulation Warning: Bubblemaps' analysis revealed that 93% of similar tokens exhibited soft rug traits in recent scans, prompting comparisons with the controversial LIBRA token launch and highlighting the potential risks of liquidity manipulation.
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Technical Analysis for SOL
Technical Sentiment Analysis for Solana (SOL) As of , Solana (SOL) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Solana (SOL) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 15.893 | 41.697 | 67.243 | 93.047 | 118.593 | 144.397 | 169.943 |
| Fibonacci | 41.697 | 61.312 | 73.431 | 93.047 | 112.662 | 124.781 | 144.397 |
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