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What about WIF? Solana’s BONK and BOME rise in popularity in the world of memecoins

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  • Despite the recent increase in prices, the overall sentiment surrounding BOME remained pessimistic.
  • A few key metrics and indicators suggested a possible reversal in the trend for WIF.

The cryptocurrency market has recently shown signs of a bullish trend, leading top coins like Bitcoin [BTC] and Ethereum [ETH] to turn green.

Several memecoins based on Solana [SOL], such as BOME and BONK, followed this trend, but dogwifhat [WIF] seemed to have missed out.

BOME and BONK show positive signs

Based on data from CoinMarketCap, both BOME and BONK followed the bullish market trend, with their daily and weekly charts showing positive movements.

Notably, BOME saw an increase of over 11%, while BONK’s value surged by more than 7% in the last week. Currently, BOME is trading at $0.01203, and BONK is valued at $0.01203.

Despite the price surge, both meme coins maintained high social volumes. BONK’s Weighted Sentiment also showed a spike, reflecting strong investor confidence in the coin.

Surprisingly, despite a significant price increase, BOME’s Weighted Sentiment decreased, indicating prevailing bearish sentiment in the market.

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Continuing with the analysis, BOME’s MACD showed a bullish trend, indicating a potential resistance test at $0.0126.

Although the MACD signals were positive, the RSI suggested a slight decline, casting doubt on BOME’s ability to sustain its bullish momentum.

Source: TradingView

On the other hand, BONK’s indicators indicated the start of a bullish trend, with the MACD showing a potential crossover.

With an RSI value of 53 above the neutral mark and an uptick in the Chaikin Money Flow (CMF), BONK seemed poised for further price increases.

Source: TradingView

WIF lags behind

While other meme coins were showing positive signals, WIF experienced a decrease of over 6% in its price over the past week.

Currently trading at $2.83 with a market capitalization exceeding $2.8 billion, WIF may see a reversal of the bearish trend soon.

Analyzing data from Santiment, WIF’s Open Interest saw a sharp decline parallel to its price drop, indicating a potential change in the ongoing trend.

A decrease in Open Interest usually signals an upcoming shift in the price trend.

WIF's open interest droppedWIF's open interest dropped

Source: Santiment


Read Bonk’s [BONK] Price Prediction 2024-25


Upon analyzing WIF’s daily chart, we noticed an uptick in its CMF, indicating a potential trend reversal. However, the RSI remained neutral, and the Money Flow Index (MFI) showed a sharp decrease, suggesting a possible drop in WIF’s value.

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