Amid increasing volatility in the cryptocurrency market, Solana-based meme coins are ready for bullish action. With V-shaped reversals and breakout rallies, these coins are set to break out this October.
Solana-Based Meme Coin Set to Rally:
POPCAT
The PopCat meme coin has a market cap of $1.21 billion and is up 26% in the past seven days. In the past 24 hours, it is up 4.98% and is currently trading at $1.24.
In the daily logarithmic price chart, the memecoin is showing a triangle breakout rebound that has formed an ascending channel pattern. As per the Fibonacci levels, bulls are finding it difficult to break above the 1.272 Fibonacci level ($1.35).
PopCat rallied 10.16% last night to form a bullish engulfing candle, ending a three-day loss of 17.13% as the coin struggled to maintain momentum. An intraday pullback of 2.46% has seen the meme coin gradually lose momentum.
In case of a breakout rally, the key support for PopCat is at $0.97 and the 50-day EMA at $0.89. In case of a bullish continuation, resistance lies at the 2.272 Fibonacci level at $2.2 and $4.41.
MEW
The Cats & Dogs World emoji coin has gained 20% over the past seven days, bringing its market cap to $80.26 million. Additionally, the MEW token has gained 1.16% over the past 24 hours and is currently trading at $0.005901.
MEW token price action is showing an ascending triangle pattern on the daily logarithmic price chart. The glass ceiling of the triangle pattern is $0.0077.
Meanwhile, the current market price is showing bullish signs, attempting to maintain dominance above the 78.60% Fibonacci level ($0.0059). With the rounding bottom reversal cycle in the triangle pattern, the memecoin’s breakout chances are increasing.
For a breakout rally, potential price targets are $0.016 and $0.057 on a logarithmic scale. Meanwhile, support levels are found at $0.0048 and $0.0041.
YOURSELF
As the U.S. presidential election approaches, political meme tokens are active again. Against this backdrop, the MAGA Trump token has risen nearly 60% in the past seven days, with an intraday gain of as much as 16.07%.
The political meme token has a market cap of $204 million. Trump Token has shown a V-shaped reversal on the daily logarithmic price chart, breaking out of a descending channel pattern.
Reversing from $1.657, the meme coin has rallied 170% in the past 18 days. Breaking above the 50-day EMA and heading towards the 50% Fib level at $5.42, a breakout rally in the TRUMP token price could take it close to the psychological mark of $10 or a peak of $17.
On the other hand, the key support for meme coin is located at the 50-day EMA at $3.34 and the 23.60% Fibonacci level at $2.90.