The price of Silly Dragon (SILLY) is about to produce a breakout that might initiate a reversal of the trend and a double-digit recovery surge. For investors who are patient, the meme coin with a Solana basis could yield substantial profits.
SILLY pricing is probably going to start a trend
Since December 27, 2023, the price of silver has been declining, losing about 64% of its market value. However, the current movement has produced a range that goes from $0.0676 to $0.11, suggesting that a bottom may be approaching.
The price of silver has produced a higher low and higher high, showing a change in the market structure following a swing low of $0.0653 on January 6. The second indication that stranded buyers are beginning to place bids is this action.
It will signal a trend reversal and possible rebound if the price of SILLY regains the range bottom around $0.0676. Investors can profit from a mean reversion play in this scenario, pushing the Solana-based meme coin Silly Dragon back to $0.0933. In comparison to the current price of $0.0736, this move would represent a gain of almost 40%.
If this trend continues and more money enters the market, the price of silver might retest the range high of $0.11.
However, the SILLY price may return to the $0.0653 to $0.0702 demand zone if it is rejected from the range low of $0.0676. The bullish thesis will be refuted if this support zone is turned into a resistance zone.
The price of silver could drop 8% and retest the next important mark of $0.060 if the selling momentum continues.