Solana network shows growth potential to surpass the Ethereum blockchain next year as the crypto bull run gains momentum. As it overtakes Ethereum in DEX trading volumes and other DeFi metrics, the Solana-based meme coins are ready to explode.
As the meme coins market shows massive growth potential, Will the recovery run boost Solana meme coins to a new all-time high? Read the latest Coinpedia analysis below for additional details and technical insights.
Must Buy Solana Meme Coins:
Bonk (BONK)
With a bull cycle challenging the resistance trendline of a long-coming triangle pattern, Bonk stands on the verge of a breakout rally. The meme coin exceeds the 50-day EMA and is now testing the 200-day exponential moving average dynamic resistance.
In the past 4 days, it has increased by nearly 28% and is creating a V-shaped recovery. It has exceeded the 23.60% Fibonacci level at $0.0000217, surpassing the $0.000020 psychological mark.
With two massive bullish engulfing candles, it is currently retesting the 23.60% level breakout with an evening star pattern. A post-retest reversal will likely surpass the resistance trendline and hit the 50% level at $0.00002845.
Amid the increasing chances of an extended rally, the change of character with the $0.000025 breakout will likely propel the meme coin to the 78.60% level at $0.00003568. The MACD indicator shows a positive crossover, supporting the bullish trend. Meanwhile, the 50-day and 200-day simple moving averages are heading towards a bullish crossover.
Cat in a Dogs World (MEW)
In the daily chart, the MEW token shows a post-retest reversal from the 100% Fibonacci level at $0.000738. The V-shaped recovery accounts for three consecutive bullish candles, accounting for a price jump of nearly 28% in the meme coin.
However, the bull run ends abruptly with an intraday pullback of 3.58% as the MEW coin struggles to regain the $0.0010 psychological mark. With a potential post-retest reversal, the MEW coin will likely surpass the all-time high of $0.00167 to challenge the $0.0014 price target.
Due to the intraday pullback, the MACD and signal lines cannot give a positive crossover. However, the 50-day simple moving average continues to act as a dynamic support.
Dogwifhat (WIF)
Similar to other Solana-based Meme coins, the WIF token also shows a V-shaped reversal. The bullish trend surpasses the 200-day and 50-day EMA to challenge the 38.20% level priced at $2.52.
The meme coin is forming a morning star pattern due to an intraday pullback of 1.58%, and it faces opposition from the psychological mark of $2.50. Despite the intraday pullback, the recovery rally and the prevailing breakout run have led to a golden crossover between the 50-day and 200-day simple moving average lines.
Furthermore, the MACD indicator is on the verge of giving a positive crossover. Hence, a price surge in WIF above the $2.52 mark will increase the $3 breakout rally. With this change of character, the potential price targets for WIF will be priced at $3.86 and $4.58.
Wondering if the Solana ecosystem boosts SOL price beyond $300? Find out in Coinpedia’s SOL price prediction for 2024 and beyond.
