Key Takeaways
SNEK is the top memecoin on the Cardano blockchain.
The SNEK price has increased by more than 200% since June.
Can SNEK sustain its momentum and reach a new all-time high?
SNEK, the leading memecoin on the Cardano blockchain, has taken the spotlight with an explosive rebound.
The main question is whether SNEK can sustain its momentum and break out, reaching new highs.
SNEK Price Analysis
After hitting its all-time high in December 2024, SNEK entered a steep correction, dropping 84% as it slid beneath a descending resistance trend line.
The decline bottomed out at $0.0015 in late June, but from there, the token staged a strong comeback.
Once it broke through resistance, SNEK rallied more than 200%, climbing to $0.0059 by mid-August.
That rally, however, ran into a wall. The price was rejected at $0.0055, leaving a long upper wick and confirming the level as a critical barrier.
The zone aligns with both horizontal resistance and the 0.5 Fibonacci retracement level.
A clean breakout above this area would likely validate the bullish reversal and open the door to new all-time highs.
For now, even though SNEK has cooled off since the rejection, it’s still hovering near this key resistance—keeping traders on edge about its next move.
The Relative Strength Index (RSI) created a bearish divergence before the decline, legitimizing it, though the indicator is still above 50.
Based on these readings, the daily time frame SNEK prediction leans bullish, but a look at a lower time frame is needed to determine where the price will bottom.
SNEK Correction Ongoing?
The short-term technical analysis suggests SNEK will fall in the short-term, since it has begun its correction.
SNEK completed a five-wave upward movement from June 22 to Aug. 14 and is now correcting due to the increase.
The most likely count suggests SNEK is in wave A of an A-B-C correction.
SNEK’s correction could end between the 0.5-0.618 Fibonacci retracement support at $0.0032-$0.0037.
Afterward, the next upward movement could take the SNEK price to new highs.
