Top Solana Memecoins WIF, POPCAT and MEW Hits Key Support Amid Corrections: What's Ahead?

Date: Mon, Dec 16, 2024, 06:17 AM GMT

The cryptocurrency market has been riding in bullish mode since Donald Trump’s victory in November, sparking a significant rally. Bitcoin (BTC), leading the charge, has climbed an impressive 54% over the past 60 days, reaching a new all-time high of $106,000 today. While many major tokens bask in bullish momentum, the meme-inspired coin market is presenting a mixed picture.

Old-school favorites like Dogecoin (DOGE) have surged over 200% in the same period, benefiting from heightened liquidity. However, Solana-based memecoins like Dogwifhat (WIF), Popcat (POPCAT), and Cat in a Dog’s World (MEW) have faced notable corrections, with prices now approaching critical support levels. Here’s a closer look at their current performance and potential paths ahead.

Source: Coinmarketcap

Dogwifhat (WIF)

Recent Performance: WIF has seen a 25% decline over the last 30 days, pushing its price near a crucial support zone between $2.73 and $2.80. It is currently trading slightly above this level at $2.80.

Outlook: If WIF can hold this support and initiate a reversal, it could aim for its descending resistance trendline around $3.50, representing a potential 25% upside from the current price.

Popcat (POPCAT)

Recent Performance: POPCAT has experienced a steeper decline, losing 38% in value over the past month. It now trades at $1.12, just above its key support level of $1.00.

Outlook: A successful bounce could propel POPCAT toward its next resistance at $1.60, offering an attractive 41% upside from its current price.

Cat in a Dog’s World (MEW)

Recent Performance: MEW has dropped by 31% in the last 30 days, with its price stabilizing near the important support level of $0.0071. It is currently trading at $0.007753.

Outlook: A reversal here could drive MEW toward the next resistance at $0.0088, representing a 13% upside.

What’s Next?

As all three memecoins hover near key support levels, recent price action suggests potential for a rebound. However, these assets remain highly volatile and influenced by broader market sentiment. A reversal could lead to meaningful gains, but caution is advised, as failure to hold support levels might result in further downside.

Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before making investment decisions in cryptocurrencies.

Also Read: Top Altcoins To Watch Out For Potential Gains This Week: FTM, HNT and ENS In Focus.