Solana’s top meme coin is currently outperforming major cryptocurrencies, with significant price gains despite persistently bearish market sentiment. According to CoinMarketCap, SOL-based Popcat (POPCAT) and dogwifhat (WIF) have risen by more than 6.9% and 5.2%, respectively, over the past 24 hours.
Why is Solana Meme Coin rising?
However, this notable price surge occurred during a period when major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) were down 2.45% and 2.3% respectively. The price increase of POPCAT and WIF has been attributed to their bullish price action patterns and positive on-chain indicators.
POPCAT Technical Analysis and Upcoming Levels
According to technical analysis, POPCAT looks bullish and is expected to rise sharply in the coming days. After breaking out of the resistance consolidation zone and rising sharply, the meme coin successfully retested the level and is currently forming a bullish engulfing candle. This pattern indicates that the price may rise in the coming days.
Based on the recent data, there are high chances that POPCAT will surge by 18% to $1.46 levels in the coming days.
In addition to this bullish technical analysis, the meme coin’s open interest further supports this bullish outlook. According to data from on-chain analytics firm Coinglass, POPCAT’s open interest has surged 4.9% in the past 24 hours and 6.25% in the past four hours. The rise in open interest indicates growing interest among traders and suggests that they may be betting more on long positions.
WIF technical analysis and upcoming levels
However, technical analysis shows that WIF has successfully retested its breakout level of $2.30, indicating a bullish outlook. Based on historical price momentum, if WIF records a daily close above $2.43, there is a high chance that it could surge 20% to $2.95 in the coming days.
Similar to POPCAT, WIF’s open interest has also risen by 8.35% in the past 24 hours and 7.92% in the past 4 hours. This suggests that bulls may be focusing on long positions.
