The Solana ecosystem has displayed a significant uptrend in its valuation over the past weekend, indicating a rise in bullish sentiment for this category. Moreover, the SOL-based memecoins have recorded a bullish trend reversal, suggesting a positive price action for these tokens.
The most successful memecoin on the Solana blockchain, the WIF price has added 23.14% within the past 24 hours, whereas the BONK price has jumped 31.80% during the same time, indicating investors’ rising interest in it.
Bonk (BONK):
After successfully claiming the title of the best-performing token of 2023 with a surge of over 10,000%, the BONK price continues to trade under a strong bullish price action by adding over 100% to its portfolio since the year started.
Furthermore, the BONK memecoin is on the verge of testing its upper level, the outcome of which is unpredictable. Overall, the memecoin category has displayed a significant bullish price movement post Bitcoin Halving, indicating a high possibility of a Memecoin Mania in the upcoming months.
The Moving Average Convergence Divergence (MACD) displays a rising green histogram, indicating an increase in the bull power of the crypto market. Moreover, the averages show a bullish convergence, suggesting a positive outlook for the altcoin in the coming days.
If the market pushes the BONK price above the resistance level of $0.000028, the bulls will continue rising and prepare to test its upper resistance level of $0.0000377. Conversely, bearish price action may pull the price toward its support level of $0.0000129.
dogwifhat (WIF):
Since its launch, the dogwifhat price action has constantly been discussed among investors. Positively, the memecoin has surged 2,107% since its inception, highlighting a high potential for this memecoin in the long-term perspective.
Despite a bearish trend in the market, the dogwifhat price has added approximately 50% over the past 30 days. Moreover, the Simple Moving Average (SMA) acts as a support to the price chart, suggesting a strong bullish influence for the memecoin in the cryptocurrency industry.
The technical indicator, MACD, shows a constant decline in the red histogram, indicating increased price action for this memecoin in the market. Furthermore, the averages display a bullish crossover, highlighting the price will continue gaining value in the coming time.
If the WIF price holds its value above the support level of $3.050, the bulls will prepare to test its upper resistance level of $3.90 over the coming weekend. However, if the bears overpowered the bulls, the price will fall toward its support level of $3.050.
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