SOL is among the well-recovered assets, but it’s not out of the woods yet.
10 days ahead of the end of its presale, POODL has raised over $5 million.
Bitcoin seems set for a dead cat bounce.
As the markets stabilize, Solana has emerged as one of the top crypto gainers in Tuesday’s session. Meanwhile, one of the meme coins under the Solana network, Poodlana, has already raised over $5 million – 10 days ahead of its presale end. With its viral traction, it gives a one-of-a-kind opportunity for lovers of meme coins to earn heftily from modest investments.
SOL not out of the woods yet
Solana, the fifth largest cryptocurrency, extended its gains on Tuesday after the huge bearish wave that swept across markets at the beginning of the week. After dropping to a five-month low at $110.47 on Sunday, it rose back above the $150 mark on Tuesday.
As at the time of writing, it was trading at $152.12; equating to a 9.15% increase over a span of 24 hours. At the same time, its market cap and volume was at $70.9 billion and $ 5.5 billion respectively.
The close to 40% gain recorded over the past two days comes amid the heightened discussions regarding SOL ETF(exchange-traded fund). Granted, the natural recovery phenomenon across markets has also contributed to the rally.
With regards to the SOL ETF, there is heightened optimism that it will likely be the 3rd spot token availed to investors after BTC and ETH.
A look at the chart below shows SOL is not out of the woods yet. On the one hand, it formed a bullish hammer candlestick on Sunday. However, it is still trading below the 20 and 50-day EMAs.
As the markets stabilizes, the region of 140 will likely be a steady support level in the ensuing sessions. However, it will likely face substantial resistance around 159.47. As such, the crypto may remain within the aforementioned range in the short term. Success in breaking that barrier will then have the bulls eyeing the next resistance level of 170.05.
Poodlana already past the $5 million mark with 10 more days to go
Increased interest in the SOL blockchain has seen meme coins within the network record substantial gains.In the past 24 hours, HahaYes, Ginnan The Cat, and YAWN have risen by 225.4%, 117.9%, and 170.2% respectively.
There are these meme coins, and then there is Poodlana, the “Hermes of Crypto”. POODL has captured the attention of the fashion-savvy populace and the constantly growing number of crypto enthusiasts. Seeing that the two industries are enormous sectors expected to continue growing, the poodle-themed meme coin might just be the biggest Solana listing yet.
At the moment, Shiba Inu and Dogecoin and the dominating dogs in the crypto market. However, the love for crypto and the fashion-centric poodle places POODL on the right path for dominance.
Since launching its presale on 17th July, this largely talked-about coin has raised $5.50 million. So heightened is the hype that in just 10 days after the launch of its presale, it raised over $3 million. The one-month presale is set to end on 16th August.
As indicated on the project’s website, the current price is $0.0458 and is expected to rise to $0.0499 in its next stage. At the set listing price of $0.060, there is a huge opportunity for investors to make big bucks before and once it goes live on the trading market.
Indeed, the meme coin market has a huge return potential despite the associated risks. Based on its viral traction, a modest investment on POODL can yield immense returns.
Bitcoin likely in a dead cat bounce situation
BTC dropped below the psychological level of $50,000 on 5th August for the first time since 14th February. While it has since recouped some of those losses, it lacks enough momentum to break the previously steady support zone of $57,500.
A look at the technicals shows the possibility of a dead cat bounce. With an RSI of 33, it will likely make temporary gains before embarking on a downtrend.
As the markets stabilize, it may gather enough momentum to push past the $60,000 mark. However, to reverse the current downtrend, it will need to move past the 50-day EMA at $62,880.