The GRASS token, one of DePIN’s latest projects, enjoys great interest from analysts and investors. As a layer 2 platform on the Solana blockchain, the Grass platform allows users to share unused internet bandwidth to train artificial intelligence models using a browser extension. Given the promise of the technology, it’s no surprise that the launch and token airdrop that took place on October 28 was highly anticipated.

Although the airdrop was marred by several issues, including a three-hour outage, the token price rally was a success. On October 29 last year, the token peaked on October 29 and then saw a massive rally from October 31 to November 2, surpassing the $1.50 level.

After reaching a high of $1.9175 on November 2, it has slowed to hover below $1.75 and is currently trading at Level $1.45. GRASS rejected the price of $2 and analysts see a deeper pullback – so is it the right time to buy?

A abrasive start for GRASS

Trading on GRASS began on October 28, but several issues delayed the airdrop and launch of the token. The band recorded technical issues, including preventing users from accessing tokens in Phantom wallets. Additionally, the rush to collect tokens was disrupted by a three-hour power outage. Moreover, some users reported flagged transactions and many were excluded from the airdrop.

WTF and that’s it @getgrass_io @grassfdn I have been using it since Epoch 1 and after 10 months of operate I get a message that your wallet is not eligible? Really?#grassdrop #grassfoundation #grassSCAM pic.twitter.com/wt7BWPBI1R

— Phantom Soul (@PhantomSoulll) October 28, 2024

A total of 1 billion GRASS tokens were distributed, with 10% distributed to early supporters and donors. It’s still too early to see the full extent of the impact of these issues on GRASS, but the token has started off well price-wise.

The token is trying to go above $2

It’s demanding to understand GRASS’s price action since it launched just a few days ago. However, analysts see an upward trend in the lower time frames of the chart. The token boasts above-average volume over the last 24 hours.

Moreover, since October 30, the volume and price of the token balance have increased. In miniature, there was buying pressure on the token, which suggests price increases may be imminent.

However, GRASS rejected $2, making it a short-term psychological resistance token. Analysts say the price could fall to $1.75 as the RSI reflects a bearish divergence.

Other analysts see a deeper dive for GRASS

Based on technical charts, analysts identified two noteworthy ones liquidity pools at prices of $1.56 and $1.96. The current price is currently closer to the liquidity pool at $1.56, and the token appears to be rejecting the $1.96 level.

Since there is a bearish trend and the liquidity pool is at $1.56, investors and holders can expect the price to drop below $1.75. Swing traders and recent buyers looking to enter the position can wait for the token to retest at $1.56 or even $1.4.

Featured image from Pexels, chart from TradingView