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The Solana price has slumped 5% in the last 24 hours to trade at $178.15 as of 4:05 a.m. EST on a 37% drop in trading volume to $5.4 billion.
Despite the decline, new research by CoinGecko shows that Solana is the world’s most popular crypto network, accounting for almost a half of investor interest.
“Solana ecosystem’s dominant mindshare has been fueled by Solana’s continued rally back to 2021 highs, alongside the strong performance of key ecosystem project tokens such as Pyth and native meme coins such as Dogwifhat,” it said.
Solana Price Bulls Signals A Rebound Below The 50 SMA
SOLUSD Chart Analysis. Source: Tradingview.com
The Solana price shows a period of stability, trading within the range of $100 to $119 for a short while. Following this, there was a 40% surge as the bulls took charge, driving the momentum to the $210 resistance level.
However, the bears took over, applying downward pressure and forcing the bulls to retreat to the $168 support zone, forming a double bottom pattern, indicating at a shift towards a bullish trend. If this momentum continues, we could see SOL price rallying again, potentially recovering lost ground.
Currently, the SOL price is trading below the 50 Simple moving average but has managed to stay afloat above the 200 SMA. However, if overall bullish sentiment strengthens, the bulls might push the price above the 50 SMA, confirming the potential for a bull rally.
The Relative Strength Index (RSI) also shows signs of bouncing back around the 40 mark, just below the midline level of 50. If momentum picks up, RSI could enter the overbought zone.
Solana Price Bulls Ready On For Another Bull Rally
Despite a drop from its record high of $210 and trading below the 50 SMA, the Solana price indicates an overall upward trend. With the support from the double-bottom pattern SOL price might initiate another bullish momentum, driving the price higher to reach its all-time high of $259 and possibly a new high.
However, if bears maintain control below the 50 SMA, the price might retreat towards the $150 support level, which aligns with the 200 SMA.
Meanwhile, investors are flocking to the newly-listed token DogWifCat, which soared 2,367% on launch yesterday, prompting analysts to ask if it’s the new BOME. It’s pared gains since then but is still up an impressive 345%.
A Promising Alternative
DogWifCat ($DWIFC) stands out from its predecessors by ditching the hat and opting for a rhyming cat. This unique approach has a catchy quality, which holds significant weight in the world of meme coins, where virality is key.
https://Twitter.com/EricCryptoman/status/1770980851112632339?s=20
Surging out of nowhere, $DWIFC has quickly reached a market capitalization of $15.9 million.
With liquidity currently at $5.3 million, there’s plenty of capacity to support substantial transactions. As stated on the DWIFC website: “Lots of coin, meme potential, plus cats, DogWifCat = a promising investment.”
In simpler terms, this dog-cat combo could offer lucrative opportunities for profit.
Whales have been rushing to buy more DWIFC for their portfolios, with one particular whale buying DWIFC worth $102,000.
As meme coins continue to grab attention in the market, it’s anyone’s guess where the price might eventually land. But DogWifCat feels like it has the bark and meow to keep traders returning for another bite.
You can buy DWIFC via the official website here.
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