Solana-Based Memecoins Surge! WIF And Bonk Price To Jump 50% In May?

The post Solana-Based Memecoins Surge! WIF And Bonk Price To Jump 50% In May? appeared first on Coinpedia Fintech News

The Solana ecosystem has displayed a significant uptrend in its valuation over the past weekend, indicating a rise in bullish sentiment for this category. Moreover, the SOL-based memecoins have recorded a bullish trend reversal, suggesting a positive price action for these tokens.

The most successful memecoin on the Solana blockchain, the WIF price has added 23.14% within the past 24 hours, whereas the BONK price has jumped 31.80% during the same time, indicating investors’ rising interest in it. 

Bonk (BONK):

After successfully claiming the title of the best-performing token of 2023 with a surge of over 10,000%, the BONK price continues to trade under a strong bullish price action by adding over 100% to its portfolio since the year started.

TradingView: BONK/USDT

Furthermore, the BONK memecoin is on the verge of testing its upper level, the outcome of which is unpredictable. Overall, the memecoin category has displayed a significant bullish price movement post Bitcoin Halving, indicating a high possibility of a Memecoin Mania in the upcoming months. 

The Moving Average Convergence Divergence (MACD) displays a rising green histogram, indicating an increase in the bull power of the crypto market. Moreover, the averages show a bullish convergence, suggesting a positive outlook for the altcoin in the coming days.

If the market pushes the BONK price above the resistance level of $0.000028, the bulls will continue rising and prepare to test its upper resistance level of $0.0000377. Conversely, bearish price action may pull the price toward its support level of $0.0000129.

dogwifhat (WIF):

Since its launch, the dogwifhat price action has constantly been discussed among investors. Positively, the memecoin has surged 2,107% since its inception, highlighting a high potential for this memecoin in the long-term perspective.

TradingView: WIF/USDT

Despite a bearish trend in the market, the dogwifhat price has added approximately 50% over the past 30 days. Moreover, the Simple Moving Average (SMA) acts as a support to the price chart, suggesting a strong bullish influence for the memecoin in the cryptocurrency industry. 

The technical indicator, MACD, shows a constant decline in the red histogram, indicating increased price action for this memecoin in the market. Furthermore, the averages display a bullish crossover, highlighting the price will continue gaining value in the coming time.

If the WIF price holds its value above the support level of $3.050, the bulls will prepare to test its upper resistance level of $3.90 over the coming weekend. However, if the bears overpowered the bulls, the price will fall toward its support level of $3.050.