3 Crypto To Watch as Solana Eyes $200

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As a seasoned crypto investor with over a decade of experience in navigating the volatile digital asset market, I have learned that every downturn is followed by an upturn. The sideways trading of Solana for the past 7 months could very well be the calm before the storm, and Q4 might just be the time for SOL to break the $200 barrier.

Over the past seven months, the digital currency Solana has been moving horizontally, finding it difficult to maintain prices above the $200 mark. But since no trend persists indefinitely in tradable assets, the optimistic outlook for Q4 could provide a favorable moment for SOL’s price to break through its resistance. In the midst of this renewed bullish wave, here are three digital currencies that investors should keep an eye on.

3 Crypto to Watch Closely as Solana Aims for $200

The rising price of SOL approaching $200 suggests robust network foundations and growing investor trust. This positive trend typically boosts tokens within the same ecosystem, making Dogewhats (WIF), Bonks (BONK), and Moo Deng (MOODENG) worth keeping an eye on. These Solana meme coins might offer investors a chance to join in the Q4 surge.

Dogwifhat (WIF)

The digital currency Dogwifhat (WIF) heads our list of cryptocurrencies to keep an eye on, thanks to the emergence of a commonly recognized bullish continuation pattern called a flag. This pattern serves as a guiding force, causing the coin’s price to oscillate between two descending trendlines to restore its spent bullish energy.

As of the deadline, the value of Dogwifhat was trading at approximately $2.4, maintaining a market capitalization of around $2.5 billion. If the price breaches the upper trendline of its current pattern, it could indicate a continuation of the ongoing upward trend and surpass the $3 mark.

Based on data from Coinglass, the open interest for WIF futures has significantly surged from $195.4 to $440 over the past six weeks – a remarkable 125% boost. This substantial rise often suggests an influx of capital and potential market volatility as more investors get involved in both buying (long) and selling (short) positions, increasing overall engagement.

Bonk (BONK)

For about a month now, the meme coin BONK, themed around dogs, has been moving horizontally, having difficulty going beyond $0.000025. However, despite being held back by an ongoing downward trendline, the coin’s ability to hold its ground against further drops suggests a growing conviction among buyers. This could lead to a potential surge upward, marking a breakout.

As a researcher, I’ve noticed an intriguing development: the BONK OI-Weighted funding rate has surged to 0.01%. This increase indicates that crypto investors are ready to pay a premium to sellers, who in turn, are willing to hold long positions on BONK. This behavior underscores a widespread anticipation among market participants that BONK could be poised for a bullish trend.

Moo Deng (MOODENG)

Moo Deng (MOODENG) is standing out among leading cryptocurrencies worth keeping an eye on, thanks to growing interest from inventors and a significant 200% spike on October 25th. This bullish trend can be linked back to the introduction of the MOODENG-USD-Margined perpetual contract on the Binance cryptocurrency exchange.

Furthermore, the 4-hour graph indicates a significant burst through the resistance of a flag pattern, which suggests an increase in bullish strength. However, the rapid rise in MOODENG’s price might provoke a brief correction. Regardless, the chart pattern is expected to propel the asset above $0.35 within the coming days.

Conclusion:

As a researcher immersed in the dynamic world of cryptocurrencies, I’m particularly excited about Solana’s stride towards $200. This milestone isn’t just a victory for SOL holders; it’s a surge of energy that permeates the entire ecosystem. Even the memecoins, with their playful vibe, are riding this wave.

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2024-10-26 11:36