Solana price has fallen 5% in the past 24 hours, trading at $178.15, and trading volume has dropped 37% to $5.4 billion as of 4:05 am ET. Despite this, the latest research from Coingecko shows that Solana is the most popular crypto network in the world, capturing nearly half of investor interest. "Solana ecosystem dominance has been driven by Solana's continued recovery to 2021 highs, as well as strong performance from key ecosystem project tokens such as Pyth and native meme coins such as Dogwifhat," it said. Solana price bullish signal points to a rebound below the 50 SMA.
Solana price showed a period of stability, trading in the range of $100 to $119 for a short period of time. Subsequently, the price saw a 40% rise as the bulls took over, pushing the momentum to the $210 resistance level. However, the bears took over, exerting downward pressure and forced the bulls to retreat to the $168 support area, forming a double bottom pattern, which indicates a shift in trend to the bullish side. If the momentum continues, we might see another rise in Solana price, with the potential to recover the lost ground. Currently, Solana price is trading below the 50 simple moving average but has managed to stay above the 200 simple moving average. However, if the overall bullish sentiment strengthens, the bulls might push the price above the 50 simple moving average, confirming the potential for a bullish run. The Relative Strength Index (RSI) is also showing signs of a rebound near the 40 level, just below the mid-line level of 50. If the momentum strengthens, the RSI could move into the overbought zone.
Despite the price declining from its all-time high of $210 and trading below the 50 simple moving average, Solana price is showing an overall upward trend. With the support of the double bottom pattern, Solana price could initiate another wave of bullish momentum that could push the price to its all-time high of $259 and above. However, if the bears maintain their control below the 50 simple moving average, the price could retrace to the $150 support level, which coincides with the 200 simple moving average.
Meanwhile, investors are flocking to the newly listed token DogWifCat, which surged 23,67% when it was listed yesterday, prompting analysts to question whether it is the new BOME. Although the gains have since fallen back, it is still up an impressive 3,45%.
As a promising alternative, DogWifCat ($DWIFC) has differentiated itself from previous tokens by ditching the hat and opting for a rhyming cat. This unique approach has eye-catching characteristics and has significant clout in the world of memecoins, where virality is key.
It looks like $DWIFC could be the next $BOME, but without the presellers. The liquidity is different this time, there is 7 million liquidity on this, and the whale buyers are not letting up.
With $DWIFC’s sudden rise, its market cap quickly reached $15.9 million. With current liquidity of $5.3 million, there is enough capacity to support large transactions. As stated on the DWIFC website: “A large number of tokens, meme potential, plus cats, DogWifCat = a promising investment.” In simple terms, this dog-cat combination could bring lucrative opportunities for profits.
Big whales are rushing to buy more DWIFC for their portfolios, with one particular whale purchasing $102,000 worth of DWIFC.
As memecoins gain more and more attention in the market, it remains unknown where the price will eventually go. But DogWifCat seems to have enough appeal to keep traders coming back again. You can buy DWIFC through the official website.
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