GOAT rallied to as high as 71% today after it secured a listing on Binance Alpha, paving the way for a potential future listing on the main exchange.
According to data from crypto.news, Solana-based memecoin Goatseus Maximus (GOAT) soared to an intraday high of $0.248, its highest level since Jan. 25, and up nearly 600% from last month’s low. The surge came alongside a massive 178% spike in trading volume, with nearly $373 million worth of GOAT traded in 24 hours.
There are three main catalysts driving GOAT crypto’s gains today.
First, GOAT was recently added to the Binance Alpha platform, a spotlight section within crypto exchange Binance designed to highlight early-stage or trending crypto projects to users.
While a listing on Binance Alpha does not automatically mean Binance will list the token, projects featured on Alpha often gain significant exposure, and if they demonstrate strong community interest, trading volume, and sustainability, they stand a higher chance of being fully listed on Binance in the future.
Second, GOAT’s rally comes amid a broader rally among Solana-based memecoins with the sector gaining 10.5% over the past day as other major players like dogwifhat (WIF), Peanut the Squirrel (PNUT), cat in a dogs world (MEW), and Moo Deng (MOODENG) are experiencing gains ranging between 25-100% respectively.
Lastly, activity in the derivatives market has picked up sharply over the past day. Data from CoinGlass shows open interest in GOAT futures was up 61% in the past 24 hours when writing, sitting at a four-month high of $161.7 million.
Meanwhile, the long/short ratio on Binance was far above 1 as of last check, which is a sign that more traders were betting that GOAT will continue climbing in the short term.
Together, the data points to a growing wave of speculative optimism, with traders seemingly positioning for a breakout if GOAT secures a full Binance listing.
GOAT price analysis
Looking at GOAT’s price action, the technical charts are also flashing bullish signals. On the daily USDT chart, the 20-day exponential moving average just crossed above the 50-day moving average, forming a bullish “golden cross.”
The Supertrend indicator has also flipped green, suggesting the trend remains upward.
On top of that, the Money Flow Index hit 91, pointing to strong buying pressure and fresh funds pouring into GOAT, suggesting bulls remain firmly in control despite the overbought reading.
Given this bullish setup, the next target for GOAT is likely around the $0.39 to $0.41 area, a crucial support-resistance zone. If GOAT breaks through this zone, it could rally toward its yearly high of $0.59, which represents around 150% upside from its current level.
As of the latest update, GOAT has slightly pulled back from its daily peak, trading around $0.22 per coin.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
