Solana Memecoins Gain $550 Million in 7-days: POPCAT, BONK, WIF Price Analysis

Solana Meme Sector Analysis

Solana’s price grazed the $159.45 mark on Tuesday, October 15, posting a 10.4% gains during a 4-day uptrend before retracing towards $155 on Oct 16. As Solana bulls struggle to breach the critical $160 resistance, the top three Solana-based memecoins—POPCAT, BONK, and Dogwifhat (WIF)—have scored considerable gains.

Technical analysis signals suggest more upside potential ahead, contingent on key support levels holding firm.

Solana’s 10% Price Rally Stalls at $160

On October 15, Solana bulls solidified their control over the market, pushing the price to a new monthly high. Unlike Bitcoin and Ethereum, which broke new monthly peaks on Wednesday Oct 16, SOL failed breach the $160 level.

After reaching $159.45 on Oct 15, SOL price has sharply retracted towads the $155 level at the time of writing on Oct 16.

According to TradingView data, Solana printed a 4-day winning streak starting on October 10, propelling it from $157 to $159.45. Although bulls have struggled to break the $160 resistance, the broader ecosystem, particularly Solana-based memecoins, continues to thrive.

Solana’s Top 3 Memecoins Surge by $552M in 7-Days

Data from Coingecko indicates that Solana’s top three memecoins—POPCAT, BONK, and WIF—have been on an impressive tear. BONK, WIF, and POPCAT collectively swelled by $552 million in market cap over the past week, with BONK spearheading the rally, rising by 15.9% from October 10.

This rally coincided with a dovish CPI report from the U.S. Bureau of Labor Statistics, hinting at a potential rate cut in the next Federal Open Market Committee (FOMC) meeting scheduled for November 7. This dovish tone has reignited risk appetite across the crypto market, benefitting memecoins.

According to Coingecko data, Dogwifhat (WIF), currently the most valuable Solana memecoin with a market cap of $2.6 billion, saw gains of 8.9% over the week. POPCAT, despite its third-place position, saw respectable gains of 6.3%.

Each of these memecoins is riding the broader crypto wave, and technical analysis reveals that their momentum might extend further if bulls maintain control over key support zones.

Dogwifhat Price Forecast: $2.50 Reverse Could Shake Out Weak Hands

Dogwifhat (WIF) has been one of the most exciting Solana-based memecoins in recent months.

After posting 50% gains earlier in October, which saw it reach a 130-day peak of $3 on October 14, the asset has entered a consolidation phase. Over the last 48 hours, WIF retraced 15%, finding support at the $2.50 level, which could act as a strong demand zone for the coming sessions.

Technical indicators suggest that this pullback could be a necessary reset before Dogwifhat’s uptrend continues.

The Bollinger Bands (BB) on the daily chart reveal that WIF was in overbought territory, as the upper BB level was pierced when the price hit $3. The current retracement toward the middle band suggests a healthy correction, potentially shaking out weak hands and profit-takers before the next leg higher.

The Chande Momentum Oscillator (CMO) also corroborates this view. While the CMO had hit an overbought reading of 54.78 during the price rally to $3, it has now cooled off to 26.3, signaling room for further upside in the near term. Traders should watch for a retest of the $2.50 support level.

If this level holds, WIF could stage a reversal, potentially retesting the $3 resistance. On the flip side, a breakdown below $2.50 could see WIF extend its losses towards $2.20, where another support zone lies.

BONK Price Forecast: Room for Further Upside if Bulls Hold $0.0000026

BONK, the second-largest memecoin on Solana, has seen significant growth over the past week, gaining 15.9% and setting a 30-day high of $0.0000026.

However, similar to Dogwifhat, BONK price is currently undergoing a consolidation phase, fluctuating between $0.0000025 and $0.0000026. This range could be crucial for the next leg of its rally, especially with broader market sentiment swinging towards risk-on assets.

The BBP (Bollinger Band Percent) indicator on the daily chart shows that BONK remains bullish. The asset has traded in a tight range within the middle Bollinger Band, suggesting that market participants are positioning for the next breakout.

Volume analysis shows that buyers have been accumulating since October 10, with the BBP reaching a peak of 24.45% over the last 13 days, signaling sustained demand.

Key support lies at $0.0000025, with bulls needing to hold this level to maintain the current uptrend. If bulls push BONK beyond $0.0000026, the next major resistance lies at $0.0000030, where significant selling pressure is expected.

On the downside, failure to maintain the $0.0000025 support, could trigger a prolonged retracement towards $0.0000022, a key pivot level.

POPCAT Price Forecast: Bullish Continuation Hinges on $1.22 Support

POPCAT price has been the most stable of the Solana memecoins in recent sessions, posting a modest 6.3% gain over the past week. The asset reached a 30-day high of $1.31 on October 14, but it has since retraced, currently trading around the $1.22 support level.

This pullback comes after a 24% rally over the prior 13 days, and technical indicators suggest POPCAT could soon make another attempt at new highs if bulls defend key levels.

The Average Directional Index (ADR) reveals that POPCAT remains in an uptrend, with an ADR reading of 31.7—signifying strong directional movement. The price action shows that POPCAT has been consolidating near the $1.22 level, forming a base that could provide the springboard for another rally.

Volume analysis also supports this view, as recent price declines have been met with lower-than-average sell volumes, suggesting that bulls are still in control.

POPCAT’s immediate support lies at $1.22, and as long as this level holds, the bulls have a good chance of retesting the $1.31 resistance level. Should POPCAT break below $1.22, it could retrace to $1.15, a key psychological support.

Traders should watch for bullish signals around $1.22, as a rebound could trigger a rally back towards $1.31. If bulls manage to break this level, the next target lies at $1.45, which marks a key resistance level based on historical data.

Recap:

In conclusion, Solana’s memecoin sector has experienced significant growth over the past week, with POPCAT, BONK, and Dogwifhat (WIF) leading the charge. Despite recent retracements, the technical indicators suggest potential for further gains as market sentiment remains bullish.

WIF’s 15% dip could soon reverse, while BONK and POPCAT maintain steady upward momentum.

As Solana’s price rally continues, these memecoins are well-positioned to capitalize on the broader market trend, with key support and resistance levels in play for each.