Memecoin Set to Surge On Solana! WIF and BOME Price Poised to Dominate the MEME Rally
The cryptocurrency sector has seen a rise in memecoins, leading to a significant increase in the value of major tokens. In particular, memecoins within the Solana ecosystem have shown strong momentum, leading to a bullish reversal. Notably, popular SOL memecoins such as dogwifhat (WIF) and BOOK OF MEME (BOME) have experienced substantial increases of over 50% and 66% respectively this month, indicating a positive outlook for the future.
Dogwifhat Price Nearing Retest of All-Time High:
After a period of weak price action lasting about a month, the price of dogwifhat has regained momentum and is close to reaching the $4 mark. WIF cryptocurrency has seen a 19.61% increase in the past day, accompanied by a 30.91% rise in trading volume.
Furthermore, it has surged by 39.05% in the last seven days and 47.41% over the past 30 days. Trading at $3.9605, the dogwifhat crypto is currently only 19% below its previous all-time high (ATH) of $4.85.
Encouragingly, the WIF coin price has formed a symmetrical triangle pattern in the 1-day time frame. Additionally, the memecoin is about to test its resistance trendline, the outcome of which remains uncertain.
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Moreover, the Simple Moving Average (SMA) indicates a bullish curve in the price action, signaling increased buying pressure in the crypto space. Conversely, the Moving Average Convergence Divergence (MACD) shows a rising green histogram, with its averages displaying a consistent uptrend, suggesting that the WIF memecoin price will continue to appreciate in the near future.
If the bulls manage to break the resistance trendline of the triangle pattern, the price of dogwifhat will likely aim to retest its previous all-time high (ATH) of $4.85. However, a bearish reversal could lead the price towards its support trendline in the near future.
BOME Price Shows Breakout Rally:
With the resurgence of interest in Solana-based memecoins, the price of BOOK OF MEME continues to exhibit a sustained uptrend, gaining approximately 16% in the past day. Furthermore, the BOME coin price has increased by 64.83% this month.
As a result, the memecoin has reclaimed a market cap of $1 billion and is currently valued at $1.079 billion, with a circulating supply of 68,966,327,627 BOME tokens.
Moreover, the BOME price has successfully broken through the resistance trendline of the channel pattern, leading to a breakout rally in the price chart.
In the 4-hour time frame, the Relative Strength Index (RSI) remains above the overbought range, with its average indicating a consistent uptrend. This signifies an increase in buying pressure over selling pressure for the BOOK OF MEME token in the crypto space.
If the market continues to gain momentum, the bulls will likely push the price towards its psychological resistance level of $0.01850 in the coming weeks. Conversely, if the bears overpower the bulls, the price will experience a pullback within the channel pattern.
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