Memecoins
Best Solana-based Memecoins for the 2X Rally in July!
THE Solana Price has displayed increased price volatility on its chart since the start of the week, indicating increased altcoin buying and selling pressure in the crypto market.
With this, major Solana-based memecoins have managed to regain momentum. Major 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 ahead, as in this article we have covered the top 3 SOL-based memecoins that have a high potential to register a significant increase in their respective portfolios in the coming month.
Dog Hat (WIF):
THE WIF Price has formed a descending channel pattern and has been trading there consistently since early June. However, the memecoin successfully retested its support trendline and has been showing bullish price action since then.
TradingView: WIF/USDT
dogwifhat price added 8.80% to its portfolio over the past day with a change of -28.92% in its trading volume. Additionally, the memecoin surged by around 40% this week, indicating a growing bullish sentiment for the WIF token in the crypto market.
The technical indicator, MACD, is recording a steady decline in the red histogram with its averages showing potential bullish convergence. Additionally, the SMA indicator experienced a positive crossover in the 1D timeframe, indicating that the what price for my dog will continue to increase in value.
If the bulls push the WIF coin price above the $2.10 resistance level, the memecoin will prepare to break its resistance trendline and head towards its $3.050 high. However, a bearish reversal could pull the dogwifhat crypto towards its $1.240 low.
Bonk (BONK):
With increased price volatility in the cryptocurrency market, the BONK Prize has been showing a steady decline in its price since the beginning of the month. This has led the memecoin to form a triangle pattern in its price chart. Positively, the BONK token is about to test its resistance trendline.
TradingView: BONK/USDT
After recording a correction of 40.12% in valuation over the last 30 days, the BONK coin added 2.25% over the past day and 5.83% over the past seven days. Additionally, with a market capitalization of $1.55 billion, Bonk price is the second most successful memecoin on the Solana chain.
The Relative Strength Index (RSI) has registered a sharp rise on its chart after testing its oversold range. Moreover, the moving 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 BONK price breaks out of its resistance trendline, the bulls will regain momentum and head towards its upper resistance level of $0.00003390 over the next few weeks. Conversely, if the bears regain control from the bulls, the BONK coin price will plunge towards its low of $0.0000150.
BOOK OF SAME (BOME):
Despite a 7.78% rise in valuation over the past seven days, BOOK OF MEME price continues to trade within a closed range between $0.007525 and $0.011080. This indicates long-term bearish sentiment for memecoin in the crypto space.
TradingView: BOME/USDT
The Moving Average Convergence Divergence (MACD) has registered an increase, with its averages displaying a bullish convergence over the 1D time frame. This indicates an increase in buying pressure over selling memecoin in the cryptocurrency market.
However, the RSI technical indicator is showing bearish action below its midpoint, highlighting uncertainty for BOOK OF MEME price in the coming period.
If the market moves under the influence of the bulls, BOME price will prepare to test its upper resistance level of $0.0151 in the coming month. Negatively, if the bulls fail to gain traction, memecoin will head towards its crucial support level of $0.007525.