The Solana network shows growth potential surpassing the Ethereum blockchain next year as the cryptocurrency bull run accelerates. As it surpasses Ethereum in DEX trading volume and other DeFi metrics, meme coins based on Solana are poised for a breakout.
As the meme coin market shows strong growth potential, will this recovery drive Solana meme coins to new all-time highs? Read the latest analysis below for more insights and technical understanding.
Bonk
With a bullish cycle challenging the resistance trendline of the long-term triangle pattern, Bonk is on the verge of a breakout rally. The meme coin has surpassed the 50-day EMA and is currently testing the dynamic resistance level of the 200-day exponential moving average.
In the past 4 days, it has risen nearly 28% and is forming a V-shaped recovery. It has surpassed the 23.60% Fibonacci level at $0.0000217, breaking through the psychological milestone of $0.000020. With two large bullish engulfing candles, it is currently retesting the 23.60% breakout level with an evening star pattern. A reversal after the retest is likely to break through the resistance trendline and reach the 50% level at $0.00002845.
In the context of increasing potential for a prolonged bullish trend, a breakout at $0.000025 could push the meme coin to the 78.60% level at $0.00003568. The MACD indicator shows a positive crossover, supporting the bullish trend. Meanwhile, the 50-day and 200-day simple moving averages are heading towards a bullish crossover.
MEW
On the daily chart, the MEW token shows a reversal after retesting from the 100% Fibonacci level at $0.000738. The V-shaped recovery comprises three consecutive bullish candles, resulting in a nearly 28% price increase in the meme coin.
However, the bullish rally abruptly ended with a daily decline of 3.58% as the MEW coin struggles to regain the psychological milestone of $0.0010. With the potential for a reversal after retesting, the MEW coin is likely to surpass the all-time high of $0.00167 to challenge the price target of $0.0014.
Due to the daily pullback, the MACD line and signal line failed to create a positive crossover. However, the 50-day simple moving average continues to act as dynamic support.
WIF
Similar to other meme coins based on Solana, the WIF token is also showing a V-shaped reversal. The upward trend has crossed the 200-day EMA and the 50-day EMA to challenge the 38.20% level priced at $2.52.
The meme coin is forming a morning star pattern due to a daily pullback of 1.58% and it faces resistance from the psychological milestone of $2.50. Despite the daily pullback, the ongoing recovery and breakout have led to a golden crossover between the 50-day and 200-day simple moving averages.
Moreover, the MACD indicator is on the verge of creating a positive crossover. Therefore, a price spike in WIF above $2.52 will increase the surge to $3. With this change in characteristics, the potential price targets for WIF will be $3.86 and $4.58.
