Solana Ecosystem Top Gainers: MICHI, OTK, WEN, DADDY

Solana network has become the biggest yielder of meme coins in the 2024 crypto season. Currently, the Solana ecosystem is at $212.98 Billion with growth in SOL and major bounces altcoins of the network.  This comes after the latest news on Solana ETF Launch anticipation, which has triggered most of the Solana coins. 

Here Is a quick analysis of the top Solana ecosystems on Coinpedia markets( CpMarkets).

1. MICHI

The cat-themed meme coin MICHI trading at $0.28 is a top gainer with a 24-hour spike of 39%, and marketcap at $145.43 million. Michi’s performance in the last 7 days is impressive, the digital asset reached a yearly low of $0.08 but rebounds to flip 2 zeros and a period. 

MICHI in the last 7 days has grown 123% and invalidated its long-term bearish rally, entering the bullish zone. 

The MICHI/USDT Chart shows the asset has broken out of a falling wedge pattern and is now moving in a parabolic form. The latest candles show the price falling into a sideway movement followed an upswing again.

The Alligator indicator shows the green line on top of red and blue with no crossovers, indicating a continued uptrend. The Volatility line shows price is in control of the bulls yet. 

2. Octokn OTK

Not so popular, OTK is a perfect Solana coin with a total supply of 1 Billion. OTK is currently trading at $0.0214 which is 70%  less than its best-performing day’s price of $1.2 in mid-March. 

But this asset gained momentum on Friday and broke out of a long-term downward trend. OTK has recorded a 24-hour bounce of 34% and now trading near the SMA and EMA 30. 

In the OTK/USDT 4 hr Chart, we see how bulls finally breached the long-term bearish trend and flipped the horizontal resistance into support. 

Applied Bollinger bands show price away from the center line the wider bands show increasing volatility and the Volume indicator shows price moving along the volume. 

With support at $0.18 and $0.16, OKT Needs to hold above these levels and continue a sideway walk to gain more momentum. If the market turns favorable, we can see an upward rally toward $0.24 and further to $0.3. 

3. WEN

Wen on Solana is one of the creative memecoin that brings together the NFT standar and meme culture.  Launched in January 2024, WEN’s price hit the ATH of  $0.0048 in March but found a downtrend since then. 

But the price action of WEN in the last 7 Days was successful in showing a bullish wave of this ling term falling asset. Currently trading at $0.0001268 with 24-hour growth of 24.75%. 

Wen in the chart now looks strong with a break out of a falling downward channel. MACD of WEN seems to be crossing above the signal, indicating a bullish trend. Traders keep an eye on the RSI, which is at the 70 line, on the edge of overbought condition, showing possible consolidations. 

The Price is currently below all the major moving averages, but this breakout is a key factor. 

4. Daddy Tate ( DADDY)

After multiple accusations of the DADDY for insider trading and manipulations, finally, the digital asset can be seen falling into normal market conditions. DADDY, the Andrew Tate member today is bullish with the bonus of 12.25% and currently trading at $0.1305. 

Though the coin is under a bearish trend since the launch, but gained momentum in the last 7 days with RSI now at 50 with space for the coin to move upward without facing oversold conditions.

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