The Solana ecosystem shows healthy growth with the recent updates and developments in Token 2049. Further, the SOL had more social engagement over the last six months than Ethereum. Will this recovery propel the Solana meme coins to a new height next month, in Uptober’s rally? Read this analysis for details.
Must Buy Solana Meme Coins:
Gigachad (GIGA)
With a rounding bottom reversal in the daily chart, the Giga token shows a bullish recovery at play. Following the pullback from $0.026 to $0.013, the intense 47% pullback takes a bullish reversal.
Over the last 17 days, it has increased by 50% to reach the $0.020 mark. Currently, it is forming a second consecutive bullish candle with an intraday gain of 4.35% following the 7.24% jump yesterday.
The rounding bottom’s neckline coincides with the 50% Fibonacci level at $0.021. Hence, a bullish breakout of the trend-continuation pattern could result in a massive upside surge.
Based on the trend-based Fibonacci levels, the upside target for a Giga token stands at $0.0266 and $0.030 at 78.60% and 100% Fibonacci levels, respectively. In the longer term, if the broader market recovery prolongs the bull run in the Giga meme coin, the upside target of $0.040 is a potential price target. Hence, the massive upside makes GIGA a must-buy Solana meme coin.
Cat in a Dogs World (MEW)
With a market cap of $486 million, the Cats in a Dogs World meme coin saw a massive surge of 32.59% over the last seven days. The MEW token currently trades at $0.00549, with an 11% surge over the last 24 hours.
In the daily chart, the massive bullish engulfing candle of 16% jump yesterday undermines the 3-day pullback. Currently, the recovery rally takes support from the 50-day EMA and challenges the 61.80% Fibonacci level at $0.0056385.
Furthermore, the bullish reversal in MEW tokens targets the 78.60% and 100% Fibonacci levels at $0.0065 and $0.0077. The MEW price action reveals an inverted head-and-shoulder pattern forming within the neckline and landing at the 61.80% Fibonacci level.
The bullish trend in the MACD indicator projects the possibility of an upside breakout. On the flip side, the crucial support for Fibonacci levels is present at 50% and 38.20% at $0.004986 and $0.00433, respectively. Hence, the massive upside makes MEW a must-buy Solana meme coin.
Ponke (PONKE)
With a massive surge of 27% over the last seven days, the PONKE token is trading at $0.3468. With a price jump of 8.93% in the past 24 hours, the meme coin is close to attaining the $200 million market cap.
In the daily chart, the recovery rally in the PONKE token shows a rounding bottom reversal with a neckline at $0.36. Furthermore, the bullish revival surpasses the 50% 50-day EMA with a high possibility of an uptrend continuation.
Based on the Fibonacci levels, the upside price targets for PONKE stands at $0.45 and $0.69. Hence, the trend of reversal chances for PONKE makes it a must-buy Solana meme coin.
Wondering if the Solana ecosystem boosts SOL price beyond $200? Find out in Coinpedia’s SOL price prediction for 2024 and beyond.
