Solana memecoins pull $10B demand as BTC crosses $86k: GOAT, MOODENG, BONK Price Forecast 

Market Update: 

Solana mememcoins aggregate market cap surged past $16 billion on November 11, 2024, as Bitcoin price hit new peaks above $85,000. As the post US elections  crypto market rally enters its second week, Goat, Moodeng and BONK have emerged the fast growing mega-cap memes on the Solana network.

Technical analysis indicators highlight key resistance and support levels to watch, for each of these meme-tokens in the weeks ahead.

Volatility Ahead as Solana Memecoin Trading Volume Crosses $10B

Buoyed by Elon Musk‘s involvement in Donald Trump‘s victorious campaign, the crypto memecoin sector has been on a tear since the November 5 election. While Dogecoin has dominated the media headlines, Solana memecoins have also made giant strides behind the scenes.

According to Coingecko data, the aggregate trading volume accrued to tokens listed within the Solana meme sub-sector crossed the $10 billion milestone on November 11.

This marks the highest single-day demand for Solana memes since inception of the blockchain in 2020.

A closer look at the chart also shows that the sector’s total market capitalization is around $16 billion. When measured against the active trading volume of $10 billion, this flashes a major bullish signal.

Trading Volume-to-Market Capitalization (TV-MC) ratio is a metric used in crypto analytics to gauge a sectors’ market liquidity relative to its fundamental valuation.

For Solana’s meme token sub-sector, the chart above shows that meme tokens on the Solana network recorded a trading volume of $10 billion on November 11, while the sector’s market capitalization hit $16.2 billion, reflecting a TV-MC ratio of 0.62.

Typically, TV-MC ratio Values above 0.5 indicate heightened speculation, which could potentially higher volatility within the Solana memecoin sector, compared to more mature markets.

For context, Bitcoin’s TV-MC ratio is trending at 0.07, amid the current market frenzy, signaling greater fundamental investment retative to short-term buying pressure.

If the crypto market’s bullish momentum, Solana meme-coins are poised for more rapid upswings in the days ahead. However, in the event of a correction phase the high TV-MC ratio suggest bulls could be at risk for rapid dips.

GOAT, MOODENG, BONK Emerge Fastest Rising Solana Memes

Amid the rally, GOAT, MOODENG, BONK have emerged the top performing assets among the top 10 ranked Solana memes. The Solana memecoin sector’s rising TV-MC ratio underlines intense market demand.

With the bullish momentum still active across the crypto markets, technical analysis signals provide data-driven insights on how each of the tokens could move in the weeks ahead.

Goatseus Maximus (GOAT) Price Forecast: Bulls Eye $1 Rally 

Launched in October 2024, Goatseus Maximus (GOAT) is the newest top 10-ranked Solana meme. GOAT price reached $0.85 on Nov 11, up 67.7% gains within the last 7-days alone, driving its market cap above $650 million at the time of publication.

If it repeats a similar performance in the coming week, GOAT could become the 3rd Solana meme to reach $1 billion valuation within a month post-launch after Book-of-Meme (BOME) achieved the feat in March 2024

In terms of short-term price projections, the Parabolic SAR and Bull-bear power technical indicators suggest GOAT is on course for a $1 breakout in the days ahead.

The Parabolic SAR shows has moved below the current price at indicating dominant bullish momentum despite the 67.7% rally over the past week. Likewise, the Bull-Bear Power remains firmly positive, suggesting buying pressure outweighs bearish resistance.

Combined, these signals affirm the optimistic outlook that GOAT will likely test the $1 resistance if the crypto rally persist. However, on the downside, the $0.80 level serves as an immediate support, providing a buffer against sharp intra-day volatility.

BONK Price Forecast: Clear Path to $0.000050

BONK, one of Solana’s pioneering meme tokens, has recently attracted attention with its growing user base and strong trading volume. On Nov 11, BONK’s price tested the $0.40 level, before retracing to find suppport at the $0.35 level at the time of publication.

Recent catalysts include increased integration across Solana DeFi protocols and community-driven events, which have bolstered demand.

On the technical front, the upward-trending Mass Index reflects potential trend reversals, while BONK’s Bull-Bear Power shows a strong bullish bias, with buying strength overpowering bearish sentiment.

Having already tested the $0.40 within the daily timeframe, the resistance level could now be weakened This could potentially open the door for bulls to push for a $0.50 rally during the next breakout attempt.

Conversely, if markets take a negative turn, BONK’s nearest support level is around $0.000028.

Moodeng Price Forecast: Closing Above $0.39 Could Trigger $0.50 Breakout

Moodeng has made significant strides in the Solana meme ecosystem, with its price reaching $0.35 amid recent bullish sentiment across the market. Recent milestones include increased social media mentions and integration with key Solana wallets, adding to its appeal.

In terms of technical analysis, Moodeng’s Bollinger Bands indicate a period of heightened volatility, with price actions testing the upper band, suggesting momentum remains strong.

Additionally, the Relative Strength Index (RSI) hovers in bullish territory, showing sustained buying interest. If Moodeng can close above the $0.39 level, it could catalyze a breakout towards $0.50. Immediate support is around $0.32, helping to maintain stability if there’s any pullback.

With positive technical indicators, Moodeng appears poised for further upward movement, potentially breaking new ground in the coming sessions.

Recap:

On November 11, 2024, Solana memecoins achieved a record $16 billion market cap as Bitcoin soared past $85,000. Leading tokens like Goat, Moodeng, and BONK are experiencing rapid growth amid a post-U.S. election crypto rally. The sector’s trading volume exceeded $10 billion, fueled by heightened investor interest.

Key Insights and Technical Analysis

The TV-MC ratio for Solana’s memecoin market stands at 0.62, indicating high speculation and potential volatility. This level suggests a robust demand but also exposes investors to possible rapid price swings. If the broader market rally continues, Solana meme tokens are well-positioned for further gains. However, a downturn may lead to sharp corrections.

Solana Memes Top Performers Forecast

• GOAT: After a 67.7% weekly rise, GOAT targets a $1 breakout, with strong support at $0.80.
• BONK: Currently eyeing $0.000050 as a target, BONK has recent support at $0.000028.
• Moodeng: Set to test $0.50, Moodeng’s $0.39 close may drive a bullish breakout, with immediate support at $0.32.

In summary, Solana’s memecoins show strong technical indicators and active investor engagement, but market volatility remains a major risk.