In a surprising turn of events, Solana’s meme coins are outshining prominent cryptocurrencies, demonstrating impressive price hikes despite the prevalent bearish sentiment in the market. Recent data from CoinMarketCap indicates that Solana-based meme coins, Popcat (POPCAT) and Dogwifhat (WIF), have experienced significant surges of over 6.9% and 5.2% respectively within the last 24 hours.
Why Are Solana Meme Coins Rising?
During a time when major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have seen declines of 2.45% and 2.3% respectively, the price increase in POPCAT and WIF is particularly noteworthy. This phenomenon can be attributed to the meme coins’ bullish price action patterns and encouraging on-chain metrics.
POPCAT Technical Analysis and Upcoming Levels
Experts conducting technical analysis on POPCAT indicate a bullish trend, with potential for a significant upward rally in the near future. Following a substantial price surge and breakout from its consolidation zone at the resistance level, POPCAT has successfully retested this level. It is now forming a bullish engulfing candle, a technical signal that often suggests a forthcoming price rally.
Recent data suggests that POPCAT could potentially climb by 18%, reaching the $1.46 mark soon. Further supporting this optimistic forecast is the meme coin’s open interest, which has surged by 4.9% in the past 24 hours and 6.25% over the last four hours, according to Coinglass. This increase in open interest signals growing trader engagement and an inclination towards betting on long positions.
WIF Technical Analysis and Upcoming Levels
Similarly, expert technical analysis of WIF reveals that the coin has successfully retested its breakout level of $2.30, indicating a bullish outlook. If WIF manages to close its daily candle above the $2.43 level, historical price momentum suggests it could potentially increase by 20%, reaching up to $2.95 in the coming days.
Much like POPCAT, WIF’s open interest has also experienced a substantial rise, jumping by 8.35% in the past 24 hours and 7.92% in the past four hours. This trend suggests that traders are likely focusing on long positions, reflecting a bullish sentiment.
Conclusion
The recent performance of Solana’s meme coins highlights the dynamic nature of the cryptocurrency market. Despite broader market challenges, Popcat and Dogwifhat are gaining traction, underpinned by technical patterns and growing trader interest. As these coins continue to capture attention, it will be intriguing to observe how they perform in the evolving crypto landscape.
