- SOL is one of the better performing assets, but it is not out of the woods yet.
- POODL raised over $5 million 10 days before pre-sale ended.
- Bitcoin is expected to experience sharp ups and downs.
As the market stabilized, Solana emerged as one of the top performing cryptocurrencies on Tuesday’s session. Meanwhile, one of the meme coins on the Solana network, As a store ownerIt has already raised over $5 million just 10 days before the end of its pre-sale. The virality offers meme coin enthusiasts a unique opportunity to make huge profits with a modest investment.
SOL is not in crisis yet.
Solana, the fifth-largest cryptocurrency, extended its gains on Tuesday after a massive selloff that swept the market earlier in the week. After falling to a five-month low of $110.47 on Sunday, it rose back above $150 on Tuesday.
At the time of writing, it was trading at $152.12, up 9.15% in 24 hours. At the same time, the market cap and trading volume were $70.9 billion and $5.5 billion, respectively.
The nearly 40% gain recorded over the past two days came amid heightened discussions about the SOL ETF (exchange-traded fund). Of course, the natural recovery of the overall market also contributed to the rally.
Regarding the SOL ETF, there is growing optimism that it will be the third spot token offered to investors after BTC and ETH.
Looking at the chart below, we can see that SOL is still in trouble. On the one hand, it formed a bullish hammer candlestick on Sunday. However, it is still trading below the 20-day and 50-day EMAs.
As the market stabilizes, the 140 area is likely to be a steady support level in the coming sessions. However, it is likely to face significant resistance around 159.47. Therefore, the cryptocurrency may remain within the aforementioned range in the short term. If it succeeds in breaking that barrier, the bulls will be eyeing the next resistance level at 170.05.
Pudlana has 10 days left but has already crossed the $5 million mark
As interest in the SOL blockchain grows, meme coins within the network have seen significant gains. In the last 24 hours, HahaYes, Ginnan The Cat, and YAWN have gained 225.4%, 117.9%, and 170.2%, respectively.
There are these meme coins, and then there’s Pudlana, the “Hermes of crypto.” poodle It has captured the attention of both the fashion-conscious public and the ever-growing number of cryptocurrency enthusiasts. Given that both industries are huge sectors that are expected to continue to grow, the poodle-themed meme coin could be the biggest Solana listing to date.
Currently, Shiba Inu, Dogecoin, and dogs rule the cryptocurrency market. But the love for cryptocurrencies and the fashion-oriented poodle lead POODL to the right path of dominance.
Since the pre-sale started on the 17thDay In July, this widely talked about coin raised $5.5 million. The hype was so high that it raised over $3 million in just 10 days after the presale began. The one-month presale ends on the 16th.Day August.
As shown on the project website, the current price is $0.0458 and is expected to rise to $0.0499 in the next phase. With the set listing price of $0.060, there is a huge opportunity for investors to make a lot of money before and after the launch in the trading market.
In fact, the meme coin market has enormous profit potential despite the risks involved. Based on viral traction, a modest investment in POODL can yield huge returns.
Bitcoin is likely to head into a dead cat bounce
BTC fell below the psychological level of $50,000 on the 5th.Day August for the first time in 14 yearsDay Feb. It has since recovered some of its losses, but lacks enough momentum to break the previously stable $57,500 support level.
Looking at the technical side, there seems to be a possibility of a dead cat bounce. With the RSI at 33, there is a high chance of a temporary uptrend before a downtrend.
As the market stabilizes, it could gain enough momentum to break above the $60,000 mark. However, it would need to break above the 50-day EMA at $62,880 to reverse the current downtrend.