The cryptocurrency market is experiencing a significant shift in momentum as the Solana price hurtles towards $200. This increase is boosting investor confidence and creating a positive outlook for related tokens like WIF, BONK, and MEW.
SOL price surged 15% in the last seven days, including a 3.2% increase over the previous 24 hours, to trade at $177.05. While Biden-related coins are tanking after his dropping out of the presidential race, WIF, BONK, and MEW are gearing for further gains.
Solana Price Finds Support to Bounce Off to $200
SOL price forecast shows the asset recently broke out of a double bottom, securing 21% gains before retracing after encountering resistance around $185. The price of the asset is trending above the 200-day and 50-day simple moving averages (SMA), confirming that SOL is still in an uptrend.
Solana price technical indicators present a bullish scenario for the asset, with the relative strength index (RSI) sitting at 64.36, just 5 points shy of the overbought (OB) area. The RSI 14-day moving average is trending lower at 57.10, indicating the bullish momentum on Solana is increasing and will peak soon. The Chaikin money flow (CMF), which shows an asset’s buying and selling pressure, indicates SOL buying pressure is at its highest since March 2024.
A break above the $185 resistance level may catapult SOL back to the previous yearly high of $210 in a 19% move. Alternatively, if the bears prevail, Solana may find further support lower around $150, $134, and $120.
The recent and potentially upcoming surge in the price of Solana has sparked a rally for select Solana meme coins on the network. Cat in a dogs world (MEW), Bonk (BONK), and Dogwifhat (WIF) are all showing signs of surging higher.
MEW Price Surges 32%, Volume Indicates More Upside
MEW price recently broke out of a three-month consolidation zone, establishing a new all-time high of $0.007790. The price is trending above the 50-day SMA, a confirmation that the asset is in an uptrend.
Furthermore, the MEW price has formed a double bottom, a trend-reversal pattern.
The RSI and CMF indicate that the price of MEW is overbought and due for a retrace soon. From the price chart, the correction may set the MEW price on the top boundary of the range, which may serve as a bounce-off point for extended gains.
If the bears push the correction lower, the MEW price may re-enter the range, finding support around the $0.004265 (50-day SMA).
The current MEW price surge coincides with an increase in the trading volume of the asset. This indicates the asset is bullish and may continue heading upward.
Bullish Solana Price Nudges BONK to Go on A 300% Rally
The Solana price has also influenced BONK. The asset is gearing up for a massive breakout that may set it far above its previous all-time high. Recently, the price surged by 25% after the DAO received a proposal to burn approximately 83.9 billion $BONK tokens from its treasury.
According to CoinGecko, BONK’s 24-hour trading volume is up 27%, which, combined with the increasing price, confirms the bullish trend may extend.
Bonk price chart sports a gigantic ascending triangle that spans almost 6 months. Currently, the BONK price is headed to test the horizontal resistance for the third time, which usually results in a breakout. If bulls maintain the pace, BONK may break out and surge 300% to $0.0001824.
This Trend Reversal Pattern Confirms WIF Price May Break ATH
WIF’s price has increased by 10% in the last 24 hours, bringing its market cap to $2.7 billion. The recent surge in price completes the second leg of a double-bottom pattern, which is synonymous with a trend reversal from bearish to bullish.
The price of WIF remains at about 47% of the gains needed to complete the chart formation. This will put it at $4.06, slightly below the previous all-time high. The recent price spike also may have put WIF back into a significant consolidation zone between $3.5 and $2.3. This will be confirmed if the WIF price action gets rejected at the $3.5 resistance zone.
If WIF bulls push through and break the resistance, WIF may reclaim its previous ATH price of $4.86 before entering the price discovery zone.
Conclusion
The Solana price surge towards the $200 mark has created a ripple effect in its ecosystem, paving a potentially bullish path for associated meme coins WIF, BONK, and MEW. This upward momentum in the Solana network is boosting investor confidence, which in turn is spilling over to these popular Solana-based tokens. As SOL gains strength, WIF, BONK, and MEW seek double-digit percentage gains.
Frequently Asked Questions (FAQs)
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