Solana Meme Coins Defy Crypto Market, What’s Happening?

Published by

Zameer Attar

October 11, 2024

Solana’s top meme coins 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) and Ethereum (ETH) 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.

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 Technical Analysis 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.

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.

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Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.