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- Solana memecoins are experiencing volatility, with WIF and BONK facing divergent momentum.
- The attractiveness of the Solana ecosystem shows more upside for the memecoin in the near future.
This week, a price target of $3.050 and $0.00003390 has been projected for top Solana memecoins, Dogwifhat (WIF), and Bonk (BONK) respectively. The forecast comes amid increased volatility in the price of Solana (SOL), as seen in its chart since the start of the week.
WIF and BONK Display Bullish Patterns
As of this writing, WIF has been trading at $2.03, which has increased by 1.65% in the past 24 hours, according to data from MarketCap. The recent uptick in WIF’s price comes after experiencing a descending channel, as previously reported by Crypto News Flash.
Currently, WIF has clawed its way back up by retesting its support level. This bullish resurgence has seen its value climb 40% this week, with the bulls aiming for a break above the $2.10 resistance. If they succeed, WIF could potentially reach its June high of $3.050.
This optimistic outlook is further reinforced by technical indicators like the MACD’s bullish convergence and the SMA crossover in the daily timeframe. Conversely, a bearish reversal could drag WIF down to its $1.24 low.
Unlike WIF, BONK has been on a downward trend for most of June, forming a triangle pattern on its price chart. Despite this, there’s a glimmer of hope for investors and traders of the memecoin. BONK is on track for a potential breakout as it approaches its resistance trendline.
This comes after a 41.1% price correction over the past month. At press time, BONK is trading at $0.00002216, demonstrating a 24-hour slump of 2.70%. The trading volume also decreased by 36% to $160 million.
Fortunately for the memecoin, there are signs of bullish momentum building. The RSI indicator has bounced back from oversold territory, and its averages converge bullishly. The SMA indicator also suggests increasing buying pressure. If BONK can smash through the resistance line, it could target $0.00003390 in the coming weeks. However, a bearish pullback could drag it down to $0.0000150.
Ultimately, Solana’s recent volatility has become a breeding ground for memecoins action. Whether WIF and BONK can maintain their price forecasts remains to be seen. It is, however, confident that the party on the Solana blockchain is far from over.
Influence of Ethereum ETF on Solana’s Price
Solana’s digital asset, SOL, is currently trading at $137.44, up 0.36% in the past day.
However, the trading volume decreased by 34.8% to $1.4 billion, demonstrating increased volatility. Nonetheless, the potential launch of the Ethereum Exchange-Traded Fund (ETF) is one event that experts anticipate will fuel a major increase in SOL’s price. Reiterating Crypto News Flash’s earlier reports, analysts predict that billions could flow into the SOL ecosystem upon the Ethereum ETF launch. Note that news about spot Ethereum ETFs and other crypto ETFs have recently been a major market price catalyst.
Moreover, on-chain patterns indicate that Solana may raise its current TVL further in anticipation of the introduction of spot Ethereum ETFs, as previously reported by Crypto News Flash. Solana has been a popular choice for Ethereum investors looking to connect assets to other networks.
