Solana Meme Coins are Outperforming Major Cryptocurrencies, Why?

Solana’s top meme coins are currently outperforming major cryptocurrencies, experiencing notable price surges despite the ongoing bearish market sentiment.

Amid the broader cryptocurrency market downturn, Solana's meme coins are defying the trend with impressive price surges. According to CoinMarketCap, Popcat (POPCAT) and dogwifhat (WIF) soared by over 6.9% and 5.2%, respectively, in the past 24 hours.

This price surge comes as major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) experienced declines of 2.45% and 2.3%, respectively. The price increase in POPCAT and WIF can be attributed to their bullish price action patterns and positive on-chain metrics.

POPCAT Technical Analysis and Upcoming Levels

A technical analysis by an expert suggests that POPCAT is displaying bullish momentum and could be poised for a significant upside rally in the coming days. After a strong price surge following the breakout of its consolidation zone at the resistance level, the meme coin successfully retested that level and is now forming a bullish engulfing candle. This formation typically indicates a potential price rally in the coming days.

Based on the recent data, there is a high possibility that the POPCAT price could soar by 18% to reach the $1.46 level in the coming days.

Adding to this bullish technical analysis, the meme coin's open interest further supports this bullish outlook. According to the on-chain analytics firm Coinglass, POPCAT's open interest has skyrocketed by 4.9% in the past 24 hours and 6.25% in the past four hours. This increasing open interest suggests growing interest among traders, potentially indicating that they are betting more on long positions.

WIF Technical Analysis and Upcoming Levels

Meanwhile, a technical analysis by an expert indicates that the WIF has successfully retested its breakout level of $2.30, suggesting 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 it could soar by 20% to reach the $2.95 level in the coming days.

Similar to POPCAT, WIF's open interest has also jumped by 8.35% in the past 24 hours and 7.92% in the past four hours. This indicates that bulls are potentially focusing on long positions.

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