The Grass token has continued its impressive rally, reaching its highest price since its airdrop on October 28. Grass (GRASS) surged to a peak of $1.1418, boosting its fully diluted market valuation to over $1 billion. This makes it one of the year’s most successful airdrops, outperforming other notable projects like Wormhole (down 6.86%), ZkSync (down 7.24%), and Hamster Kombat (down 7.56%).
A key driver of this rally appears to be traders’ expectations for additional listings on tier-1 exchanges. Currently, most trading activity is happening on platforms like Gate, HTX, and Bybit. With increasing trading volume, there’s potential for major exchanges such as Binance and Coinbase to add the token.
Additionally, Grass has benefited from a rise in futures open interest, which reached $50 million, predominantly on Bybit and OKX, according to data from CoinGlass. This metric indicates the number of unsettled contracts at the end of each day, serving as a gauge for market liquidity and activity.
The ongoing rally is also reflective of overall market sentiment, with the crypto fear and greed index climbing to a greed level of 66. This index could rise further if Bitcoin experiences a strong bullish breakout, as analysts anticipate.
Moreover, data from Dune Analytics shows that 77.5% of all Grass tokens—about 61 million—have been claimed by over 1.6 million individuals. Notably, 30% of those who claimed the tokens have staked them, suggesting a commitment to holding rather than quickly selling, which is common with many airdropped tokens.
Grass has formed a double-top pattern
However, Grass faces the risk of a sharp reversal, as rallies following airdrops typically do not sustain. The token has created a double-top pattern, a well-known bearish reversal signal. As a result, it may decline and test crucial support at $0.80, which was its lowest point on October 30 and serves as the neckline of this pattern.