- SOL is among the well-recovered assets, but it’s not out of the woods yet.
- 10 days ahead of the end of its presale, POODL has raised over $5 million.
- Bitcoin seems set for a dead cat bounce.
As the markets stabilize, Solana has emerged as one of the top crypto gainers in Tuesday’s session. Meanwhile, one of the meme coins under the Solana network, Poodlana, has already raised over $5 million – 10 days ahead of its presale end. With its viral traction, it gives a one-of-a-kind opportunity for lovers of meme coins to earn heftily from modest investments.
SOL not out of the woods yet
Solana, the fifth largest cryptocurrency, extended its gains on Tuesday after the huge bearish wave that swept across markets at the beginning of the week. After dropping to a five-month low at $110.47 on Sunday, it rose back above the $150 mark on Tuesday.
As at the time of writing, it was trading at $152.12; equating to a 9.15% increase over a span of 24 hours. At the same time, its market cap and volume was at $70.9 billion and $ 5.5 billion respectively.
The close to 40% gain recorded over the past two days comes amid the heightened discussions regarding SOL ETF(exchange-traded fund). Granted, the natural recovery phenomenon across markets has also contributed to the rally.
With regards to the SOL ETF, there is heightened optimism that it will likely be the 3rd spot token availed to investors after BTC and ETH.
A look at the chart below shows SOL is not out of the woods yet. On the one hand, it formed a bullish hammer candlestick on Sunday. However, it is still trading below the 20 and 50-day EMAs.
As the markets stabilizes, the region of 140 will likely be a steady support level in the ensuing sessions. However, it will likely face substantial resistance around 159.47. As such, the crypto may remain within the aforementioned range in the short term. Success in breaking that barrier will then have the bulls eyeing the next resistance level of 170.05.
Poodlana already past the $5 million mark with 10 more days to go
Increased interest in the SOL blockchain has seen meme coins within the network record substantial gains.In the past 24 hours, HahaYes, Ginnan The Cat, and YAWN have risen by 225.4%, 117.9%, and 170.2% respectively.
There are these meme coins, and then there is Poodlana, the “Hermes of Crypto”. POODL has captured…