As a seasoned financial analyst with over a decade of experience in the cryptocurrency market, I have witnessed numerous price movements and trends that have shaped the industry. The recent surge in Solana’s (SOL) price towards $200 is a trend that has caught my attention, not just because of its impressive gains, but also due to its potential impact on related tokens like WIF, BONK, and MEW.
The cryptocurrency world is witnessing a notable change in dynamics with Solana’s price rapidly approaching the $200 mark. This surge in value is instilling optimism among investors and generating a favorable climate for associated tokens such as WIF, BONK, and MEW.
The cost of SOL experienced a significant jump of 15% over the past week, with an additional 3.2% rise in just the last day, causing it to be priced at $177.05 currently. In contrast, cryptocurrencies connected to Biden’s withdrawal from the presidential race, such as WIF, BONK, and MEW, are showing signs of potential growth rather than decline.
Solana Price Finds Support to Bounce Off to $200
The latest SOL price projection indicates a significant leap of approximately 21% following the double bottom breakthrough. However, the asset has since taken a pause due to encountering resistance around the $185 mark. The current trend shows SOL trading above both its 200-day and 50-day simple moving averages (SMAs), implying that Solana remains in an upward trajectory.
As a crypto investor, I’m observing a bullish trend for Solana based on the technical indicators. The Relative Strength Index (RSI) is currently at 64.36, not far from the overbought area at 70. With an RSI of 57.10 for the 14-day moving average, I see a growing bullish momentum for Solana. This suggests that the price will soon reach its peak. Additionally, the Chaikin Money Flow (CMF) shows that buying pressure for SOL is at its highest since March 2024.
As a crypto investor, I believe that surmounting the $185 resistance could propel Solana (SOL) back up to its previous annual high of $210, resulting in a potential 19% price increase for me. On the contrary, if bears take control, SOL may seek solace at support levels around $150, $134, and $120.
As an analyst, I’ve noticed an intriguing trend emerging in the Solana ecosystem. The price surge of Solana itself has led to a ripple effect, with select meme coins experiencing a notable uptick in value. Specifically, Cat in a Dogs World (MEW), Bonk (BONK), and Dogwifhat (WIF) have shown promising signs of price growth.
MEW Price Surges 32%, Volume Indicates More Upside
The price of MEW has surpassed its previous all-time high of $0.007790 after breaking free from a three-month long price range. The current upward trend is supported by the fact that the 50-day Simple Moving Average (SMA) lies above the current price. This indicates a bullish market for MEW. Additionally, a double bottom pattern has emerged in the price chart, which is often seen as a reversal indicator.
As a researcher studying market trends, I have observed that based on the Relative Strength Index (RSI) and Composite Moving Average (CMF), the MEW price appears to be overbought and due for a correction or retracement soon. Looking at the price chart, it seems plausible that this correction could push the MEW price up against the upper boundary of its range. This potential bounce-off point may then serve as a catalyst for further gains in the future.
If the bears manage to drive down the price further, MEW‘s value might return to its previous range, with potential buying opportunities emerging around the $0.004265 mark, which represents the 50-day Simple Moving Average (SMA).
The recent spike in MEW‘s price is mirrored by a rise in trading activity for this asset. This trend suggests that the market sentiment towards MEW is positive, potentially leading to further price gains.
Bullish Solana Price Nudges BONK to Go on A 300% Rally
The price movement of Solana has had an impact on BONK as well. This asset is preparing for a significant price explosion that could surpass its previous record high. Notably, the value of BONK surged by 25% following a proposal in the DAO to burn around 83.9 billion tokens from the treasury.
As a market analyst, I’ve noticed that according to CoinGecko, the 24-hour trading volume of BONK has surged by 27%. This substantial increase, coupled with the rising price, strongly suggests that the current bullish trend for BONK may continue.
The Bonk price chart showcases a large ascending triangle formation that has persisted for nearly six months. At present, the Bonk token’s value is approaching a horizontal resistance level for the third time, which historically leads to a significant price increase due to a breakout. Should bulls sustain their momentum, the potential upside for Bonk could reach an impressive 300% and touch $0.0001824.
This Trend Reversal Pattern Confirms WIF Price May Break ATH
In the past 24 hours, WIF‘s price has risen by 10%, resulting in a market capitalization of approximately $2.7 billion. This price hike marks the completion of the second part of a double-bottom pattern, signaling a shift from a bearish to a bullish trend.
The cost of WIF currently represents approximately 47% of the price increase required to finish the chart pattern, resulting in a value of around $4.06. This is just below its previous record high. Furthermore, the recent surge in WIF’s price could potentially position it within a significant holding range between $3.5 and $2.3. This assumption will be validated if the WIF market trends reverse at the $3.5 resistance level.
If the resistance is broken by WIF‘s strong bulls, the price could potentially reach and surpass its all-time high (ATH) of $4.86 once more, before exploring new pricing territories.
Conclusion
The price increase of Solana (SOL) approaching the $200 mark has triggered a domino effect in its ecosystem, potentially setting a bullish trend for related meme coins such as WIF, BONK, and MEW. The growing momentum within the Solana network is enhancing investor faith, causing a spillover effect towards these well-known tokens linked to Solana. Consequently, WIF, BONK, and MEW are aiming for double-digit percentage growths as SOL strengthens its position.
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2024-07-22 17:30