Memecoins
Solana Memecoins WIF aims at $3,050, BONK aims at $0.00003390
- Solana memecoins are experiencing volatility, with WIF and BONK facing divergent momentum.
- The attractiveness of the Solana ecosystem shows further advantages for memecoin in the near future.
This week, a price target of $3.050 and $0.00003390 was predicted for Solana’s main memecoins, Dogwifhat (WIF) and Bonk (BONK), respectively. The forecast comes amid increasing volatility in the price of Solana (SOL), as seen in its chart since the start of the week.
WIF and BONK show bullish patterns
As of this writing, WIF was trading at $2.03, up 1.65% over the past 24 hours, according to data from MarketCap. The recent rise in WIF price comes after experiencing a descending channel, as before reported by Crypto News Flash.
Currently, the WIF has managed to move back up by retesting its support level. This bullish resurgence has seen its value rise 40% this week, with bulls aiming to break out of the $2.10 resistance. If they succeed, WIF could potentially reach the June high of $3,050.
This optimistic outlook is further strengthened by technical indicators such as the bullish convergence of the MACD and the crossover of the SMA on the daily time frame. Conversely, a bearish reversal could drag WIF to the $1.24 low.
Unlike WIF, BONK has been in a downtrend for much of June, forming a triangle pattern on its price chart. Despite this, there is a glimmer of hope for memecoin investors and traders. BONK is on track for a potential breakout as it approaches its resistance trend line.
This comes after a price correction of 41.1% over the past month. At the time of writing, BONK is trading at $0.00002216, showing a 24-hour drop of 2.70%. Trading volume also fell 36% to $160 million.
Fortunately for memecoin, there are signs of bullish momentum. The RSI indicator has recovered from the oversold territory and its averages are converging in a bullish direction. The SMA indicator also suggests increasing buying pressure. If BONK breaks out of the resistance line, it can reach the target of $0.00003390 in the coming weeks. However, a bearish pullback could drag it to $0.0000150.
Ultimately, Solana’s recent volatility has become fertile ground for memecoin action. It remains to be seen whether WIF and BONK will be able to maintain their price forecasts. He is, however, confident that the Solana blockchain party is far from over.
Influence of the Ethereum ETF on the price of Solana
Solana’s digital asset, SOL, is currently trading at $137.44, up 0.36% over the past day.
However, trading volume fell 34.8% to $1.4 billion, demonstrating increased volatility. However, the potential launch of the Ethereum Exchange-Traded Fund (ETF) is an event that experts believe will fuel a notable increase in the price of SOL. To reiterate The first reports of Crypto News Flash, analysts predict that billions could flow into the SOL ecosystem when the Ethereum ETF launches. Keep in mind that news about spot ETFs on Ethereum and other crypto ETFs have been a major catalyst for market prices recently.
Furthermore, on-chain models indicate that Solana may further increase its current TVL in anticipation of the introduction of Ethereum spot ETFs, as previously reported by Crypto News Flash. Solana has been a popular choice for Ethereum investors looking to connect assets to other networks.
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