NOIDA (CoinChapter.com) — The recent Binance listing of ACT I: The AI Prophecy (ACT) has sent the token’s price soaring by 2000%, climbing from $0.019 to $0.47 within hours on Nov. 11. ACT, a meme token built on the Solana blockchain, quickly attracted trading interest, with its volume surging by over 16,000%.
Due to its volatility, ACT has been labeled with Binance’s “Seed Tag.” This has spurred both profit-making and caution among traders, as Binance warned users to thoroughly assess the risks before engaging.
Binance Listing Boosts ACT Token Appeal
Binance’s listing of ACT on Nov. 11, 2024, marked a pivotal moment for the token, drawing in significant trading activity from the moment trading opened. The exchange’s choice to list ACT reflects a growing interest in speculative meme coins and Solana-based projects.
Binance announced the listing of the ACT token.However, the Seed Tag assigned to ACT signifies elevated volatility and risk, a factor Binance uses to signal potential price swings that may unsettle inexperienced traders.
Regulatory restrictions in some regions, including the U.S. and Canada, limit ACT’s availability, potentially impacting trading volume from those jurisdictions. Yet, the listing has empowered traders in other regions.
A few traders made massive profits through ACT token. Source: XOne trader capitalized on the ACT listing with remarkable gains. Onchain tracker Lookonchain highlighted that the investor spent 2,658 SOL (around $457,000) between Oct. 25 and Nov. 3 to acquire 17.16 million ACT.
Following Binance’s listing announcement, the trader quickly took profits, selling 9.33 million ACT for 11,945 SOL ($2.48 million) while retaining 7.83 million ACT worth $2.74 million. Altogether, this maneuver netted the trader an impressive profit of $4.77 million within 18 days.
Token Continues Its Ridiculous Rally
Meanwhile, the ACT price continued moving upward after its monstrous 2,610% spike on Nov. 11, which saw the token reach $0.542 before paring some of its gains. However, the token continued its rally on Nov. 12, spiking another 51% to reach a new record high of $0.63 before profit booking resulted in corrections.
ACT USD daily price chart with RSI. Source: TradingviewNow, if the memecoin manages to continue its rally, the ACT coin price could again challenge the resistance near $0.65. Breaking and consolidating above the immediate resistance level might help ACT 1 price target the resistance near $0.81 before the token pares gains.
On the other hand, the overbought RSI, with a score of 94.64 on the daily charts, may see the ACT 1 coin price reverse its trend. Overbought RSI levels usually precede reversals, which is why traders consider the occurrence a sell signal.
A profit-booking spree could see ACT 1 price test the support levels near $0.41 and $0.24.
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