3 Solana Memecoins in Profit Despite $500M Crypto Market Dip: POPCAT, GOAT, MEW Price Analysis

Solana Memecoin Market Analysis:

Solana memecoin sector declined by just 0.8% on Oct 23 despite over $500M crypto liquidations this week. Despite intense bearish headwinds searing across the crypto markets, newly-launched Solana memes continue to find buyers.

Technical analysis indicators explore how POPCAT, Cat in a Dogs World (MEW) and Book of Meme (BOME) have maintained positive weekly timeframe performance, and what to expect in days ahead.

Solana Memes Maintain Weekly Timeframe Profits amid Volatile Market Swings

On Oct 21, the global cryptocurrency sector overheated, triggering massive liquidations. After nearly 2-weeks on the uptrends, a market-wide bearish reversal sent top-ranked cryptocurrencies into a tailspin.

In the last 3-days, nearly $500 million worth of capital has been wiped out accros the cryptocurrency derivatives futures markets since the market dip began on Monday Oct 21.

According to Coinglass Liquidation Heatmap data depicted above, over $224 million of the crypto futures positions were liquidated within the last 24 hours alone, with LONG traders booking the larger share of the losses.

Consequently, Solana (SOL) price has rapidly reversed to new weekly lows along with the likes of Bitcoin (BTC) and Ethereum (ETH).

But surprisingly, the Solana memecoin sector currently appears largely resistant to the broader crypto market downswing, a move that could potentially attract more capital inflows.

The latest data culled from Coingeko shows that the Solana memecoin sector has only declined by just 0.8% in the last 24 hours, with aggregate valuation trending just above $11 billion mark at the time of publication on October 23.

This market performance charts reveals two key insights. First it shows that the Solana memecoin sector has outperformed the broader crypto market average, which has seen over 5.5% losses in the last 3 days.

Secondly, Dogwifhat (WIF) and BONK, the two largest Solana memes have each seen over $100 million wiped off their market cap, with 5.1% and 7.7% losses respectively, within the weekly timeframe. However, crypto traders continue to allocate massive capital toward newly-launched meme tokens on the SOL blockchain.

Solana Memecoins: POPCAT, MEW, GOAT Technical Analysis

Consequently, 3 of the top 5 ranked Solana memes, POPCAT, Cat in a Dogs World (MEW) and Goatseus Maximus (GOAT), all launched in 2024 have managed to maintain a profitable status despite the market wide downtrend.

When such positive divergent trend emerges, it often attract more capital inflows, especially from strategic traders seeking out profitable opportunities during the market dip.

Below, technical analysis indicators explore the main bullish catalysts drive the 3 memes as well as the key resistance and support to watch in the days ahead.

POPCAT Price Forecast: Weakhands Wash Out Could Trigger $2 Breakout

POPCAT, launched in mid-2024, has been a standout token on the Solana network, gaining attention even amid the current market dip.Over the past week, POPCAT has shown remarkable strength posting 10.9% gains, as it bounced back quickly after a brief dip to maintain its upward trajectory.

At the time of writing on Oct 23, POPCAT is trading at around $1.41, slightly down from its recent high of $1.4875, as shown in the POPCATUSD daily chart below

From a technical analysis standpoint, POPCAT’s Parabolic SAR (Stop and Reverse) and Bollinger Bands (BB) indicate strong bullish momentum.

The SAR dots currently sit below the price, signaling that the bullish trend is still intact, while the Bollinger Bands show widening, suggesting increased volatility. The price is near the upper band, hinting at the possibility of a breakout to $2 if buying pressure accelerates.

For short-term traders, the key resistance level to watch is $1.4875, while the critical support lies near $1.332. If buying momentum returns, breaking through the $1.4875 resistance could push POPCAT toward the $2 psychological mark.

On the downside, if the price slips below $1.332, expect the next support at $1.17. However, with current indicators still bullish, a dip to this level seems unlikely without a broader market collapse.

Cat in a Dogs World (MEW) Price Forecast: More Upside after 2% Correction

Cat in a Dogs World (MEW), also launched in late-March 2024, is another new Solana meme showing strong resilience, 11.1% gains amid the ongoing market dip.

As of October 23, MEW is trading around $0.008924, a slight correction from its recent peak of $0.009809. Despite the pullback, the technical indicators suggest that MEW is still positioned for further gains.

Looking at the chart above, MEW’s Parabolic SAR dots remain well below the current price, which indicates ongoing bullish momentum. The Bollinger Bands show the price hugging the upper band, a sign that MEW may continue to rise as long as buyers hold their positions.

However, the narrowing of the bands suggests that volatility is decreasing, which could lead to a consolidation phase before the next leg up.

In terms of key short-term price levels, $0.0087 acts as the immediate support, while the key resistance level to watch is $0.0098. If MEW can break through this resistance, we could see the price head toward the $0.01 psychological mark.

However, failure to hold $0.0087, however, could lead to a pullback toward $0.0076. Given the bullish indicators, an upward breakout seems more likely.

Goatseus Maximus (GOAT) Price Forecast: New Kid on the Block Eyes $2 Breakout

Launched on October 10, 2024, Goatseus Maximus (GOAT) has been another top performer in the Solana memecoin sector, breaking into the top 5 ranked memes, as a remarkable 163% weekly time frame surge propelled its market cap above $600 million within its first month post-launch.

Currently trading around $1.4157, the hourly chart below shows GOAT is now  hovering near a crucial resistance level after a strong recovery from its recent dip to $1.332. The chart shows a consistent uptrend, supported by favorable technical indicators.

The Parabolic SAR dots below the price indicate that bullish momentum remains strong. Additionally, GOAT’s Bollinger Bands show widening, suggesting that volatility is increasing, and the token may see more significant price movements in the near term.

If GOAT can break through the $1.4875 resistance level, it could quickly climb toward the next major target at $1.60. On the downside, $1.332 serves as solid support, and a break below this level could lead to a retest of $1.17.

Overall, the bullish indicators for GOAT suggest that it has the potential for further gains, especially if it can break through the resistance at $1.4875.

Recap:

Despite the broader crypto market’s recent downturn, the Solana memecoin sector has shown resilience, with tokens like POPCAT, MEW, and GOAT maintaining profitability on the weekly timeframe.

These tokens are well-positioned to attract capital inflows as traders seek opportunities in a volatile market. If the bullish trends in their technical indicators persiste, more significant breakouts could emerge in the days ahead.

Investors should watch the key support and resistance levels mentioned above and remain cautious of changes in broader market conditions, which could ultimately impact these Solana memecoins’ performance.