SOL is one of the assets that is recovering well, but it's not out of the woods yet.
Ten days before the end of its presale, POODL had raised over $5 million.
Bitcoin is likely entering a dead cat bounce.
As the market stabilized, Solana emerged as one of the top cryptocurrency gainers in Tuesday's session. Meanwhile, one of the meme coins on the Solana network, PoordranaWith 10 days before the end of its presale, it has already raised over $5 million, and its viral traction offers a unique opportunity for meme coin enthusiasts to make big profits with a small investment.
SOL is not out of the woods yet
Solana, the fifth-largest cryptocurrency, continued to rise on Tuesday after a major bearish wave that swept the market earlier in the week. After dropping to a five-month low of $110.47 on Sunday, it rallied above the $150 level on Tuesday.
At the time of writing, it was trading at $152.12, up 9.15% in 24 hours, with market cap and trading volume at $70.9 billion and $5.5 billion, respectively.
The nearly 40% increase recorded in the past two days comes amid growing debate about SOL ETFs (Exchange Traded Funds), although the natural recovery of the market as a whole has also contributed to this rise.
Regarding the SOL ETF, there is growing optimism that it will likely become the third spot token offered to investors after BTC and ETH.
If we look at the chart below, we can see that SOL is not out of the woods yet, while it did form a bullish hammer candlestick on Sunday, it is still trading below the 20-day and 50-day EMAs.
As the market stabilizes, the 140 area is likely to remain a stable support level for the following sessions. However, it is likely to face major resistance near the 159.47 area. Hence, the cryptocurrency may remain within the aforementioned range in the short term. If it manages to break through that barrier, bulls will likely target the next resistance level at 170.05.
Pudrana has already crossed the $5 million target with 10 days left.
The growing interest in the SOL blockchain has led to significant gains for meme coins in the network: HahaYes, Ginnan The Cat, and YAWN have risen by 225.4%, 117.9%, and 170.2%, respectively, in the past 24 hours.
There are meme coins, but then there's Poodlana, the “Hermes of Cryptocurrency.” poodle It's garnering attention from fashion-conscious individuals and a growing number of cryptocurrency enthusiasts, two huge sectors that are poised for continued growth, meaning the poodle-themed meme coin could become Solana's largest listing to date.
At the moment, Shiba Inu and Dogecoin rule the cryptocurrency market, but a love of crypto and a fashion-forward poodle puts POODL on the right path to domination.
Since pre-sale began on the 17thNumber In July, the buzzy coin raised $5.5 million. As enthusiasm grew, it raised more than $3 million in just 10 days after the presale began. The month-long presale is set to end on the 16th.Number August.
As stated on the project website, the current price is $0.0458 and is expected to rise to $0.0499 in the next stage. The set listing price is $0.060, so there is a great opportunity for investors to make a lot of money both before and after it is launched on the trading market.
In fact, the meme coin market has huge profit potential despite the risks associated with it. Based on its viral traction, a modest investment in POODL could yield huge profits.
Bitcoin is likely to experience a dead cat bounce
BTC fell below the psychological level of $50,000 on the 5th.Number August is the first time since 2014Number February. Since then, it has recovered some of the losses, but the momentum is not strong enough to break through the previously stable support zone at $57,500.
Technical analysis indicates a possible dead cat bounce, with the RSI at 33 suggesting a brief upswing before entering a downtrend.
As the market stabilizes, it might gain enough momentum to cross the $60,000 levels, but a breakout above the 50-day EMA at $62,880 is required to reverse the current downtrend.
