Scroll (SCR) Plummets 19% After Market Debut : Will It Recover?

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The much-anticipated launch of Scroll's (SCR) token on October 22 led to significant disappointment as the price dropped by 19% within 24 hours, currently trading at $1.04.

Scroll, an Ethereum layer-2 network, distributed 5.5% of its total SCR supply (55 million tokens) via an airdrop to early contributors, with 40 million SCR going to on-chain participants who earned 200 or more Scroll Marks.

The distribution left many recipients dissatisfied due to the smaller-than-expected amounts, leading to a surge in selling pressure. This has driven the token’s value down significantly, with many users expressing their frustration on X (formerly Twitter).

Technical analysis indicates further bearish sentiment, with a negative Bull Bear Power (BBP) reading of -0.10. However, if demand picks up and sentiment shifts, SCR could target resistance levels at $1.55 and potentially $1.72 if momentum builds.

Conclusion and Advice :

SCR's debut has been rocky, but the token's future will largely depend on market sentiment and whether demand can overcome current selling pressure.

Advice :

For now, cautious traders may want to wait for clearer signals of recovery before entering the market. Watch for a reversal above the $1.55 resistance level, as it may indicate the beginning of a new upward trend.