Solana Memecoin Bull Run Begins: Bonk, Pepe And dogwifhat Record Nearly 40% Gain
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Price Analysis
Solana Memecoin Bull Run Begins: Bonk, Pepe And dogwifhat Record Nearly 40% Gain
Author: Shayan Chowdhury
Apr 24, 2024 20:27
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MEME Price Breakout Teases 50% Rally
The value of several meme coins has more than doubled, registering an increase of 100% from their lowest levels this month. After the Bitcoin halving event, the price of BTC quickly initiated an upward trend, maintaining its momentum above the $66K level. In contrast, memecoins began their surge slowly. Leading SOL-based memecoins, such as Bonk, Pepe, and Dogwifhat, are now targeting additional gains by the weekend.
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Is Memecoin Rally Back?
Market analysts believe BONK’s recent recovery is due to investors taking advantage of recent price drops. It’s common for assets to experience a rebound after significant declines, and BONK’s comeback seems to follow this pattern.
Other tokens in this category, including PEPE and dogwifhat (WIF), have also seen substantial gains. Market data indicates that BONK’s rally is supported by increased trading activity. According to CoinGecko, the trading volume surged above $734 million on Wednesday, gaining around 340% in the last 24 hours.
Bonk Price Analysis
Recently, Bonk’s price has shown significant growth, aiming to surpass key resistance levels. Bonk has successfully broken above the descending resistance channel; however, sellers are strongly defending further surge.
The BONK/USDT trading pair appears ready to move past Fibonacci levels, nearing the resistance line at $0.0000301. Bears view holding this line as crucial, as breaking above it could end their dominance. If overcome, the price might climb to $0.0000405 and even reach $0.000045.
Conversely, if the price falls significantly from the moving averages or the downtrend line, it would confirm bearish dominance. This scenario could see sellers driving the price down to $0.000019 and possibly further to $0.0000135.
Pepe Price Analysis
The price of Pepe has surged significantly, breaking above EMA trend lines and reaching $0.0000081, which could set the stage for a climb to the resistance level at $0.00001. Bears are active around the 23.6% Fib channel, defending further surges.
Despite this surge, the asset is currently experiencing substantial selling pressure due to strong resistance, with its price now at $0.0000077 after an impressive 4% increase over the past 24 hours.
A tense battle is expected near the $0.0000082 level between buyers and sellers. If buyers prevail, the PEPE/USDT pair could continue its upward momentum, potentially targeting $0.000009-$0.00001 and even extending to a pattern target of $0.000013.
On the flip side, a significant pullback from the resistance could signal the bears’ resolve to retain control, possibly pushing the price back down to $0.0000063 or even lower to $0.0000047 if the downward trend intensifies.
dogwifhat (WIF) Price Analysis
WIF price surpassed the 20-day EMA, valued at $3, meeting short-term buyers’ goals. However, the price failed to surge above $3.6, resulting in a minor correction.
Bears are currently attempting to send the price toward its breakout point. As a result, the WIF price might retest buyers’ patience at $2.8 again. If buyers fail to hold the price, WIF price might decline further and consolidate around $2.2. On the other hand, a push above $3.5-$4 might strengthen WIF bulls.
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