The post Top Solana-based Memecoins For 2X Rally In July! appeared first on Coinpedia Fintech News
The Solana price has displayed increased price volatility in its chart since the week started, indicating an increase in the buying and selling pressure for the altcoin in the crypto market.
With this, top Solana-based memecoins have successfully regained momentum. Top SOL tokens such as Dogwifhat (WIF), Bonk (BONK), and BOOK OF MEME (BOME) have each added over 20% to their respective valuations this week.
Let’s go, as in this article, we have covered the top 3 SOL-based memecoins that have a high potential to record a significant surge in their respective portfolio during the upcoming month.
Dogwifhat (WIF):
The WIF price has formed a descending channel pattern and has been constantly trading in it since the start of June. However, the memecoin has successfully retested its support trendline and has been displaying a bullish price action since then.
The dogwifhat price has added 8.80% to its portfolio within the past day with a change of -28.92% in its trading volume. Moreover, the memecoin has surged approximately 40% this week, indicating a rising bullish sentiment for the WIF token in the crypto market.
The technical indicator, MACD records a constant decline in the red histogram with its averages displaying a potential bullish convergence. Moreover, the SMA indicator has experienced a positive crossover in the 1D time frame, indicating that the dogwifhat price will continue gaining value.
If the bulls push the WIF coin price above the resistance level of $2.10, the memecoin will prepare to break its resistance trend line and head toward its high of $3.050. However, a bearish reversal could pull the dogwifhat crypto toward its low of $1.240.
Bonk (BONK):
With the increased price volatility in the crypto market, the BONK price has displayed a constant decline in its price since the month started. This resulted in the memecoin forming a triangle pattern in its price chart. Positively, the BONK token is on the verge of testing its resistance trendline.
After recording a correction of 40.12% in valuation over the past 30 days, the BONK memecoin has added 2.25% within the past day and 5.83% over the past seven days. Moreover, with a market cap of $1.55 Billion, the Bonk price is the second most successful memecoin on the Solana chain.
The Relative Strength Index (RSI) has recorded a sharp rise in its chart after testing its oversold range. Moreover, the average has successfully experienced a bullish convergence. On the other hand, the SMA indicator highlights increased buying pressure for the memecoin in the market.
If the BONK price breaks out of its resistance trendline, the bulls will regain momentum and head toward its upper resistance level of $0.00003390 during the upcoming weeks. Conversely, if the bears regain control over the bulls, the BONK coin price will plunge toward its low of $0.0000150.
BOOK OF MEME (BOME):
Despite recording a jump of 7.78% in valuation over the past seven days, the BOOK OF MEME price continues trading within a closed range between $0.007525 and $0.011080. This indicates a long-term bearish sentiment for the memecoin in the crypto space.
The Moving Average Convergence Divergence (MACD) has recorded a bullish rise with its averages displaying a bullish convergence in the 1D time frame. This indicates an increase in the buying-over-selling pressure for the memecoin in the cryptocurrency market.
However, the technical indicator, RSI, shows a bearish action below its mid-point, highlighting an uncertainty for the BOOK OF MEME price during the upcoming time.
If the market makes a move under the influence of bulls, the BOME price will prepare to test its upper resistance level of $0.0151 during the upcoming month. Negatively, if the bulls fail to gain momentum, the memecoin will head toward its crucial support level of $0.007525.
