Ethereum

bullish

Solana

Resistance

Despite the overall downtrend in the cryptocurrency market, Solana-based meme coins are making waves with impressive performance. While major cryptocurrencies like Bitcoin and Ethereum are seeing declines, Popcat (POPCAT) and Dogwifhat (WIF) are experiencing strong price surges. In the last 24 hours, Popcat rose by 6.9% and WIF by 5.2%, drawing significant attention from investors. This begs the question: Why are Solana-based meme coins thriving amid the market’s negative sentiment? 
<h2 id="why-are-solana-meme-coins-rising">Why Are Solana Meme Coins Rising?</h2> 
As The Bit Journal reports, large cryptocurrencies like Bitcoin and Ethereum have entered a downtrend in recent times. However, Solana-based meme coins have defied this trend. One key reason behind this rise is the strong on-chain metrics of both Popcat and WIF. These coins have been providing positive technical signals, which has caught the interest of investors.<img loading="lazy" loading="lazy" decoding="async" class="alignnone size-full wp-image-49805" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/10/focusing-on-Solana-based-meme-coins-like-Popcat-POPCAT-and-Dogwifhat-WIF.-The-image-features-minimal-elements-with-th.webp" alt="Solana Meme Coins on the Rise: What’s Driving Their Growth? = The Bit Journal" width="1792" height="1024" title="Solana Meme Coins on the Rise: What’s Driving Their Growth? 21"> 
<h2 id="popcat-and-dogwifhat-break-resistance-levels">Popcat and Dogwifhat Break Resistance Levels</h2> 
Another factor supporting this upward trend is that these meme coins have broken significant resistance levels. Additionally, <a href="https://thebitjournal.com/moonshot-altcoin-raises-over-4million-liquidity-harnessing-gamblefi-cardano-ada-whales-begin-migration/" target="_blank" rel="noopener">whale</a> activity and an increase in open positions have further fueled the rise of Solana meme coins. Investors are taking long positions, contributing to the bullish sentiment surrounding these coins. As a result, they are standing out from the rest of the market’s major cryptocurrencies. 
<img loading="lazy" loading="lazy" decoding="async" class="alignnone size-full wp-image-49808" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/10/POPCATUSDT_2024-10-11_04-28-29-1024x550-1.png" alt="Solana Meme Coins on the Rise: What’s Driving Their Growth? = The Bit Journal" width="1024" height="550" title="Solana Meme Coins on the Rise: What’s Driving Their Growth? 22"> 
<h2 id="popcat-technical-analysis-and-expected-levels">Popcat Technical Analysis and Expected Levels</h2> 
Popcat’s recent price action has been particularly strong. It broke out of its consolidation zone and surpassed a key resistance level. This breakout has led to a rapid price surge and increased confidence among investors. Analysts now expect Popcat to continue its upward trend, with predictions that the coin could reach $1.46, a potential 18% increase. Over the last 24 hours, open positions have increased by 4.9%, indicating growing interest and long-term potential for the Solana-based meme coin. 
<h2 id="dogwifhat-technical-analysis-and-expected-levels">Dogwifhat Technical Analysis and Expected Levels</h2> 
WIF is also showing positive technical signals. After breaking through the $2.30 resistance level, WIF gained momentum. If the price breaks above $2.43, WIF has the potential to rise by 20%, reaching $2.95. This explains the growing popularity of WIF among investors. Like Popcat, WIF’s open positions increased by 8.35% in the last 24 hours, further indicating that investors are bullish on its long-term potential.<img loading="lazy" loading="lazy" decoding="async" class="alignnone size-full wp-image-49807" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/10/WIFUSDT_2024-10-11_04-28-08-1024x448-1.png" alt="Solana Meme Coins on the Rise: What’s Driving Their Growth? = The Bit Journal" width="1024" height="448" title="Solana Meme Coins on the Rise: What’s Driving Their Growth? 23"> 
In summary, Solana-based meme coins like Popcat and Dogwifhat are currently some of the most notable assets in the crypto market. Their ability to defy the broader market’s downtrend, combined with strong technical performance and increased investor interest, positions them as valuable assets to watch. As both coins continue to break resistance levels and attract more attention, their future growth potential remains promising. 
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Solana Meme Coins on the Rise: What’s Driving Their Growth?

Table of Contents

The Bit Journal

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