Crucial Time To Hold Memecoins As These Altcoins Turn Bearish?
Solana’s top #Memecoins🤑🤑 are currently outperforming major cryptocurrencies, experiencing notable price surges despite the ongoing bearish market sentiment. According to #CoinMarketCap data, SOL-based Popcat (POPCAT) and dogwifhat (WIF) have surged by over 6.9% and 5.2% in the past 24 hours.
Why Solana Meme Coins are Rising?
However, this notable price surge occurred during a period when major cryptocurrencies like Bitcoin ($BTC
) declined by 2.45% and 2.3%, respectively. This price jump in POPCAT and WIF is attributed to their bullish price action patterns and positive on-chain metrics.
POPCAT Technical Analysis and Upcoming Levels
According to expert technical analysis, #popcat appears bullish and is poised for a massive upside rally in the coming days. After a massive price surge following the breakout of its consolidation zone at the resistance level, the meme coin successfully retested that level and is now forming a bullish engulfing candle. This formation signals a potential price rally in the coming days.
Source: Trading View
Based on the recent data, there is a high possibility that the POPCAT could soar by 18% to reach the $1.46 level in the coming days.
In addition to this bullish technical analysis, the meme coin’s open interest further supports this bullish outlook. According to the on-chain analytics firm Coinglass, POPCAT’s open interest has skyrocketed by 4.9% in the past 24 hours and 6.25% in the past four hours. This rising open interest indicates growing interest among traders and suggests they might be betting more on long positions.
WIF #TechnicalAnalysis and Upcoming Levels
Whereas, expert technical analysis indicates that the $WIF
has successfully retested its breakout level of $2.30, suggesting a bullish outlook. Based on the historical price momentum, if WIF closes its daily candle above the $2.43 level, there is a strong possibility it could soar by 20% to reach the $2.95 level in the coming days.
Source: Trading View
Similar to POPCAT, WIF’s open interest has also jumped by 8.35% in the past 24 hours and 7.92% in the past four hours. This indicates that bulls are potentially focusing on long positions.
