Solana’s top meme coins are currently outperforming the major cryptocurrencies and experiencing notable price increases despite ongoing bearish market sentiment. According to CoinMarketCap data, SOL-based Popcat (POPCAT) and dogwifhat (WIF) are up more than 6.9% and 5.2% in the past 24 hours.
Why the Solana Meme Coins Are Rising?
However, this remarkable price increase occurred during a period when major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) fell by 2.45% and 2.3% respectively. This price jump in POPCAT and WIF is attributed to their bullish price action patterns and positive on-chain metrics.
POPCAT technical analysis and upcoming levels
According to expert technical analysis, POPCAT seems bullish and poised for a massive upward rally in the coming days. After a massive price surge after breaking out of the consolidation zone at the resistance level, the meme coin has successfully retested that level and is now forming a bullish engulfing candle. This formation indicates a potential price increase in the coming days.
Based on the recent data, there is a good chance that POPCAT could rise 18% to reach the $1.46 level in the coming days.
In addition to this bullish technical analysis, the meme coin’s open interest further supports this bullish outlook. According to on-chain analytics firm Coinglass, POPCAT’s open interest has shot up 4.9% in the past 24 hours and 6.25% in the past four hours. This rising open interest signals growing interest among traders and suggests they may be betting more on long positions.
WIF Technical Analysis and Upcoming Levels
While expert technical analysis indicates that the WIF has successfully retested its USD 2.30 breakout level, indicating a bullish outlook. Based on the historical price momentum, if WIF closes its daily candle above the $2.43 level, there is a strong possibility that it could rise 20% to reach the $2.95 level in the coming days.
Similar to POPCAT, WIF’s open interest has also increased by 8.35% in the last 24 hours and 7.92% in the last four hours. This indicates that bulls are potentially targeting long positions.
