- Market sentiment around WIF, BONK, and POPCAT turned bullish.
Technical indicators also looked pretty bullish for all three memecoins.
As a seasoned researcher with years of experience in the cryptosphere, I’ve seen more market fluctuations than I care to remember. The recent bullish turn for Solana memecoins – WIF, BONK, and POPCAT – has caught my attention, and not just because of their catchy names.
In this current market downturn, I’ve noticed that even Solana’s memecoins have felt the impact, with their prices dipping significantly. Interestingly, as I analyze the situation right now, there appears to be a shift in trend for these Solana-based memecoins. Let’s delve deeper into this intriguing development.
What’s up with Solana memes?
Crypto influencer Bastille noted that while there’s been an uptick in the creation of meme coins on the Solana network, there’s also been a decrease in trading volume.
As someone who has witnessed the wild and unpredictable world of cryptocurrencies, I can say that the sudden surge of Solana memecoins was a rollercoaster ride that left many investors both exhilarated and bewildered. However, recently, it seems that these tokens have lost some of their initial fervor, reflecting a shift in the market’s dynamics. While I remain cautiously optimistic about the future potential of memecoins, I can’t help but feel a sense of relief as the market settles down a bit, allowing for a more stable and predictable environment for both newcomers and seasoned investors alike.
Due to encountering significant obstacles in the past, largely due to market conditions, AMBCrypto chose to examine the leading Solana-based meme coins to assess their performance instead.
A closer look at Solana memes
It has been discovered that the leading SOL meme coins have resumed their bullish trend. Currently, the price of Dogwifhat (WIF) has grown by 3.7% over the past 24 hours.
During the same timeframe, BONK experienced a 4% increase in price, while the value of POPCAT grew by 3.6%.
Additionally, it’s worth noting that the sentiment scores of the top three Solana meme coins rebounded towards positive territory following a dip into the negative region.
All these memecoins were back on track in terms of market sentiment.
Consequently, we examined their day-to-day graphs. It appeared that theRelative Strength Index (RSI) and Money Flow Index (MFI) for WIF remained steady, suggesting a brief period of minimal activity or movement.
However, the Chaikin Money Flow (CMF) moved slightly northward, which looked bullish for this Solana memecoin.
Afterward, we examined the graph for BONK. Notably, its Composite Moving Average (CMA) and Money Flow Index (MFI) showed an increase. Additionally, the Moving Average Convergence Divergence (MACD) suggested a potential bullish intersection, indicating a possible further price hike.
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Furthermore, it’s worth noting that POPCAT recently approached a significant level in its resistance, which is close to its 20-day Moving Average (MA). This alignment corresponds with the guidelines provided by the Bollinger Bands.
Both the MFI (Money Flow Index) and CMF ( Chaikin Money Flow ) followed a direction towards the north, implying a possible surge for POPCAT. This trend, along with other indicators, seemed to point towards Solana memecoins starting their journey of recovery.
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2024-08-13 09:12