Solana Meme Coins Against Crypto Market, What’s Happening?
Solana's top meme coins are currently outperforming the major cryptocurrencies, despite the continued bearish market sentiment, experiencing significant price increases. According to CoinMarketCap data, SOL-based Popcat (POPCAT) and dogwifhat (WIF) are up more than 6.9% and 5.2% in the last 24 hours.
Why are Solana meme coins increasing?
However, this significant price increase occurred at a time when major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) fell by 2.45% and 2.3% respectively. This price jump in POPCAT and WIF is attributed to their higher price action pattern and positive indicators on the chain.
POPCAT technical analysis and upcoming levels
According to professional technical analysis, POPCAT looks bullish and is poised to make a big upside rally in the coming days. After experiencing a significant price increase following the opening of the consolidation zone at the resistance level, MemCoin has successfully tested that level and is now forming a bullish candle. This formation indicates a possible price rally in the coming days.
According to the latest data, there is a high possibility that POPCAT will rise by 18% to reach the level of $1.46 in the coming days.
In addition to this crude technical analysis, the open demand of MemCoin further supports this bullish view. According to on-chain analytics firm Coinglass, POPCAT's open demand has risen 4.9 percent in the past 24 hours and 6.25 percent in the past four hours. This increasing open interest shows increasing interest among traders and suggests that they are playing more on long positions.
WIF technical analysis and upcoming levels
However, expert technical analysis shows that WIF successfully tested the $2.30 breakout level, indicating a bearish outlook. Based on the historical price movement, if WIF closes the daily candle above the $2.43 level, there is a strong possibility that it will rise by 20% to reach the $2.95 level in the coming days.
Similar to POPCAT, WIF's open interest has risen by 8.35% in the last 24 hours and 7.92% in the last four hours. This indicates that the bulls can focus on long positions.
