The Ai16z Solana meme coin, focused on artificial intelligence, has entered a local bear market after experiencing a significant decline due to profit-taking. The token had previously surged by over 20,500% since November and reached a peak market capitalization of $2.3 billion. The number of smart money holders has decreased from 118 to 80, with their combined holdings falling below 500 million tokens. Additionally, the number of ai16z tokens on exchanges has increased, indicating a distribution of holdings. Some profitable traders have begun taking profits, while others have maintained their positions. The current price retreat of ai16z is attributed to the Wyckoff Method, suggesting that the token could fall to $1, a 50% decrease from its current level.



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