- Market sentiment around WIF, BONK, and POPCAT turned bullish.
- Technical indicators also looked pretty bullish for all three memecoins.
As the market has turned bearish, Solana [SOL] memecoins have also taken the blow as their prices declined. However, Solana memecoins witnessed a trend reversal at press time. Let’s have a look at what’s going on.
What’s up with Solana memes?
Bastille, a popular crypto influencer pointed out that the Solana-based meme coin manufacturing has experienced an increase, but a decline in volume.
This indicated that Solana memecoins, which once created havoc in the space due to their popularity, have experienced a drop in the same regard.
This was the case as they have witnessed a major roadblock in the past, which can be attributed to the market condition. Therefore, AMBCrypto planned to take a look at the top Solana memecoins to see how they were performing.
A closer look at Solana memes
It was found that the top SOL memecoins turned bullish again. At the time of writing, dogwifhat’s [WIF] price increased by 3.7% in the last 24 hours.
In a similar manner, BONK witnessed a 4% price rise, and POPCAT’s value surged by 3.6% during the same period.
To add to the story, it was interesting to see the weighted sentiments of top three Solana meme coins bouncing back into the positive area after dropping to the negative zone.
All these memecoins were back on track in terms of market sentiment.
Source: SantimentA look at Coinglass data revealed that WIF’s, the top Solana memecoin, long/short ratio improved, meaning that there were more long positions in the market than short positions. This can be considered a bullish situation.
Therefore, we checked their daily charts. It was found that WIF’s Relative Strength Index (RSI) and Money Flow Index (MFI) both went sideways, indicating a few slow moving days.
However, the Chaikin Money Flow (CMF) moved slightly northward, which looked bullish for this Solana memecoin.
Source: TradingView
We then checked BONK’s chart. Both its CMF and Money Flow Index (CMF) registered upticks. On top of that, the MACD also displayed the possibility of a bullish crossover, hinting at a further price rise.
Source: TradingView
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Last but not least, POPCAT was testing its crucial resistance near its 20-day Simple Moving Average (SMA), as suggested by the Bollinger Bands.
The MFI and CMF both took a northward route, suggesting that POPCAT would manage a breakout. All these indicators hinted that Solana memecoins were on their path of recovery.
Source: TradingView
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