Solana Memecoins: Can Pepecoin and WIF Price Recover This Week?

Solana (SOL) price has experienced a significant correction of 6.86% over the past 24 hours, accompanied by a substantial increase in trading volume to $1.77 billion, marking a rise of 138.82%. This decline has led the altcoin to drop below the $125 mark, signalling a strong bearish sentiment surrounding this crypto token in the market.

Investors holding Solana-based assets have witnessed similar trends, with significant corrections evident in their portfolios. Additionally, the top SOL-based memecoins have each suffered losses exceeding 10% within the past 24 hours.

Given the prevailing bearish sentiment in the cryptocurrency market, the question arises whether the memecoin category will manage to regain lost momentum or continue its descent toward a new low in the upcoming month.

Read Also: XRP Drops Amidst Growing Legal Uncertainty for Ripple

WIF Downtrend Continue

Dogwifhat price plummeting by 14.77% in the last 24 hours while its trading volume surged by 39.31%. Furthermore, the memecoin has experienced a 37.46% drop over the past seven days and a significant 44.50% decrease over the past month, currently trading at a 68% discount from its all-time high (ATH).

Moreover, the WIF coin price has formed a descending channel pattern, indicating a weak price action for the memecoin in the cryptocurrency space. The SMA serves as a consistent resistance to the price chart in the 1-day time frame.

The Relative Strength Index (RSI) has dipped below the oversold range, signifying increased selling pressure for the WIF price in the crypto space. The average trendline depicts a constant decline, suggesting a negative outlook for the Solana-based memecoin in the market.

If a bullish reversal occurs in the crypto market, the dogwifhat price could regain momentum and potentially target its resistance level of $2.10. Conversely, if bearish momentum persists, the WIF crypto could decline toward its important support level of $1.240 in the foreseeable future.

Pepe Price Major Bearish: What is Happening?

On the other hand, the Pepe coin price has recently experienced a correction of approximately 13% over the past 2 days, leading to the formation of a triangle pattern in its 1-day time frame. The coin has been trading under a bearish sentiment since the beginning of the month, thereby indicating bearish dominance in the market.

Pepe’s price has depreciated by 14.77% in the past 24 hours, along with a notable 51.29% increase in trading volume. Moreover, it has declined by 11.23% over the last seven days and 31.57% over the past 30 days, solidifying a long-term bearish sentiment in the crypto space.

Technical analysis shows that the MACD indicator displays a constant red histogram, indicating a weak bullish sentiment for the PEPE memecoin. Additionally, the averages reveal a consistent downtrend, suggesting that Pepe’s price may continue to depreciate in the near future.

In the event that the market drives the price of the Pepe token above the resistance level, the bulls may gear up for a breakout toward its upper resistance level. However, if bearish pressure persists, the memecoin could decline toward its support level.

Read Also: Cardano’s Transaction Volume Skyrocketed to New Heights – What You Need to Know

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Michael Onche: Crypto aficionado and seasoned analyst. With a keen eye for market trends and a passion for blockchain technology, he deciphers the intricacies of cryptocurrency with precision. Michael's expertise and insightful content make him a trusted guide for navigating the dynamic world of digital assets.