The crypto industry has displayed a positive uptrend for the first time this week, indicating increased demand for crypto tokens. Moreover, the market leader, Bitcoin price, has recorded a jump of over 10%, resulting in major altcoins recording a significant bounce back in the chart.
Despite the rising hype of memecoins in the industry, the Solana-based memecoins have failed to regain momentum and continue to bleed, indicating a rise in the disinterest of investors in these tokens. Will Solana memecoins rise back up?
Bonk (BONK):
The BONK memecoin displayed a neutral trend for a brief period, following which the bulls regained momentum and jumped 115% before facing rejection above the support of $0.00002124. After trading sideways for a while, the bulls regained momentum and recorded another jump of 95.50%.
After facing rejection at $0.00004152, the BONK price lost momentum and recorded a valuation correction of 35%. Following this, the memecoin traded sideways for a period. As the volatility grew, the bulls lost momentum and broke down the support level, and since then, it has been trading sideways.
The Moving Average Convergence Divergence (MACD) displays a rising green histogram, indicating an increase in the buying pressure in the crypto industry. Moreover, the averages show a constant rise, suggesting a positive price action for the altcoin in the coming time.
If the bulls regain momentum and break out of the resistance level at $0.00002702, the BONK price will continue rising and prepare to test its upper resistance level of $0.00004152. However, a bearish reversal may pull the price toward its low of $0.0000150.
dogwifhat (WIF):
The WIF price traded in a closed space between $282 and $464 for over two weeks, after which the bulls gained momentum, and the dogwifhat memecoin jumped 378.84% over the next six days. The bulls then successfully broke out of the resistance level, where the price traded sideways for a brief period.
As the memecoins hype increased, the bulls jumped 87.85% before facing rejection at $3.5047. After facing rejection at $3.5047, the bulls have been constantly trading in a consolidated range and are on the verge of testing their support of $2.4163, the outcome of which is unpredictable.
The technical indicator, MACD, displays an increase in the green histogram, highlighting a rise in buying-over-selling pressure in the crypto industry. Further, the averages show a bullish convergence, suggesting the price will continue gaining value in the coming time.
With the current market sentiments, if the bulls hold the price above the support level of $2.4163, the WIF price will continue rising and prepare to test its upper resistance level of $3.5047. Conversely, if the bulls fail to regain momentum, it will plunge and test its low of $1.120.
Book Of Memes (BOME):
Following its launch, the BOME price instantly gained massive attention from the market, resulting in this memecoin multiplying its value within the first few hours. The Book Of Meme price added approximately 2,600% within 24 hours, making it the biggest single jump of this year in the industry.
After facing rejection at the resistance level of $0.02797, the token broke down the support level, where it traded sideways for a period. As the market volatility increased, the bulls recorded another correction, and since then, the price has been trading between $0.00886 and $0.01313.
The MACD shows a constant flatline in the chart, highlighting a weak price action for the memecoin in the market. Moreover, the averages show a neutral trend, suggesting uncertainty in future price action.
If the market pushes the price above the resistance level of $0.01313, the bulls will regain momentum and prepare to test its upper resistance level of $0.02797. Negatively, a bearish reversal could pull the price toward its low of $0.00405 in the coming time.
Slerf (SLERF):
The latest memecoin of the Solana-verse recorded a massive surge in its valuation post-launch. The Slerf token recorded an all-time high (ATH) of $1.37 within the first 24 hours of its launch, following which the market experienced a short selling, resulting in the memecoin losing over 50%.
After testing its low of $0.3695, the bulls recorded a sideways trend for a while. As the market volatility grew, the memecoin jumped 243.30% before facing rejection at $1.2685, after which the price lost momentum. Since then, the SLERF price is trading between $0.6630 and $0.9705.
The technical indicator, MACD, shows a rise in the red histogram, highlighting an increase in the selling pressure for the memecoin in the crypto industry. Further, the averages display a bearish convergence, suggesting the price will continue losing value this week.
If the market holds the price above the support level of $0.6630, the bulls will regain momentum and prepare to test its upper resistance level of $1.2685 this month. Conversely, if the bears overpowered the bulls, the price would continue to bleed and test its low of $0.3695.
