USELESS 24-hour increase of 12.24%, but technical indicators show a double top risk signal

USELESS (Useless Coin) has increased by 12.24% in the past 24 hours, currently trading at $0.12, with a market capitalization of $116 million. This rally is supported by improved market liquidity and sustained enthusiasm in the Meme coin sector. However, from a longer-term technical perspective, this Solana ecosystem’s star Meme coin is at a delicate stage—after six consecutive days of over 100% gains, it has experienced a correction of over 30%, with the current rebound facing a critical resistance.

Short-term Market Driving Forces

Exchange liquidity expansion drives activity

USELESS is listed on 197 trading platforms, with liquidity deployment continuously improving. The 24-hour trading volume reaches $20.6 million, reflecting active participation from investors. The market cap has increased by $12.6 million compared to yesterday, indicating ongoing influx of new funds. Improved liquidity provides strong support for price increases, which explains the 12.24% short-term gain.

Meme coin sector enthusiasm continues to fuel growth

As a representative Meme coin in the Solana ecosystem, USELESS has garnered ongoing attention due to its unique community attributes. According to Coinbase trading data, USELESS frequently appears in the top three of 15-minute gainers, indicating high short-term trading activity. Additionally, sustained buying by whales recently also shows market participants’ optimism toward this token.

Hidden Risks in Technical Analysis

Double Top Pattern Warning

According to the latest news, after experiencing six consecutive days of over 100% gains, USELESS now shows a textbook-level technical correction pattern. More critically, technical analysts point out that the price on the 1-hour chart has formed a “Double Top” pattern—two similar highs with the neckline effectively broken below. Currently, the rebound is testing the neckline area (which has shifted from support to resistance).

This pattern typically indicates the potential for a deeper test of support levels. Especially when the volume at the second top is significantly lower than at the first, the reversal signal becomes more reliable.

Correction Magnitude and Profit-Taking Pressure

The price has fallen from a high of $0.13 to $0.10, with a maximum retracement of over 30%. This is not just a simple technical correction but also reflects a significant weakening of bullish momentum after doubling in price, with strong profit-taking pressure. The sharp rise did not consolidate effectively at high levels to build new upward momentum but instead transitioned directly into oscillating decline, which itself indicates a clear sign of exhausted buying power.

Market Participant Behavior Characteristics

Whales have been quite active recently, but it’s worth noting that they are not only acting on USELESS but also engaging in cross-asset positioning. This may reflect professional investors diversifying risk or engaging in arbitrage rather than pure confidence in a single token.

Key Focus for Follow-up

The current key for USELESS is whether it can hold above the $0.10 support level. If it breaks below, it may test lower support levels. Conversely, if it can stabilize above the neckline and break through, a new upward trend could be confirmed.

Summary

The 12.24% daily increase of USELESS reflects the sector’s hotness and improved market liquidity, but it does not mean risks are eliminated. The 25% increase over 30 days indicates a medium-term upward trend, but the short-term double top pattern and correction risks are also important to watch. The token is currently in a technical correction phase, and market participants should closely monitor key support levels and trading volume. For traders, optimizing risk-reward ratios is more important than simply chasing gains.