Coinspeaker
Solana Meme Cash See Pump-and-Dump State of affairs, What’s Cooking?
Over the last weekend, Solana-based meme cash witnessed one more pump-and-dump state of affairs together with Solana’s native cryptocurrency SOL. Within the final two days, Solana-based meme coin BONK registered sturdy features leaping by greater than 8% and making an attempt a breakout above $0.000028.
Nevertheless, this stays short-lived as BONK worth is buying and selling 7.71% decrease as of press time, at $0.0000242 with a market cap of $1.58 billion. Additionally, the every day buying and selling quantity has dropped 32.5% all the way in which to $273 million.
If we take a look at the weekly chart, BONK has been going through a number of rejections on the resistance of $0.000028. Whereas the meme coin tried to interrupt above these ranges, it couldn’t maintain for lengthy. Regardless of the value pump over the weekend, some on-chain indicators clearly identified bearish indicators.
For e.g. BONK’s social quantity remained low whereas its weighted sentiment additionally moved within the adverse territory clearly hinting that the bearish sentiment was dominant.
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Picture: Santiment
- Within the close to future, the preliminary potential goal seems to be $0.000028, the place liquidation is predicted to extend, presumably prompting a worth correction. Ought to the value surpass this stage, a breakout may lead the meme coin’s worth to achieve $0.000030.
One other Solana-based memecoin Dogwifhat (WIF) confronted an analogous state of affairs of pump and dump. After making an upward transfer gaining 3.5% on Sunday, the WIF worth has cracked by 3.5% buying and selling at $2.67.
The funding charge for the meme coin has decreased, usually suggesting an impending worth enhance for WIF. Nevertheless, its open curiosity has additionally dropped, indicating a chance of the present worth development shifting. Moreover, sentiment surrounding WIF stays bearish, as mirrored in its low-weighted sentiment.
Solana Value Motion
Solana’s native cryptocurrency SOL has been going through sturdy promoting stress with the SOL worth dropping by 12% on the weekly chart. As of press time, SOL is buying and selling 5% down at a worth of $135, with $130 remaining a powerful help on the draw back.
One of many main drawdowns for SOL worth rally has been the fixed rise within the provide stress. As soon as the provision stress eases up, SOL might start its rally to $200 and above, anticipated by the year-end.
Nevertheless, for this to occur, Solana worth should maintain above the psychological mark of $150. Ought to SOL worth reverse and surpass each the 61.80% Fibonacci stage and the numerous milestone of $200, the altcoin will goal a brand new 52-week excessive. With the uptrend gathering momentum, there’s potential for Solana’s market worth to exceed $500.
Solana Meme Cash See Pump-and-Dump State of affairs, What’s Cooking?
