Cryptocurrency Price Forecast: Solana, Poodlana, and Bitcoin in 2021
Solana (SOL) has seen a significant recovery in the crypto markets, but it still faces challenges ahead. Despite a recent bearish wave that hit the markets, SOL has emerged as one of the top gainers in Tuesday’s trading session. Additionally, Poodlana, a meme coin on the Solana network, has already raised over $5 million in its presale, which is set to end in 10 days.
SOL Not Out of the Woods Yet
As the fifth largest cryptocurrency, Solana experienced a drop to a five-month low of $110.47 on Sunday before bouncing back above the $150 mark on Tuesday. Currently trading at $152.12, SOL has seen a 9.15% increase in the past 24 hours. With a market cap of $70.9 billion and a volume of $5.5 billion, SOL has shown a nearly 40% gain over the last two days.
Despite the recent gains, SOL is still trading below the 20 and 50-day EMAs, indicating potential resistance levels at $159.47 and $170.05. The crypto is expected to find support around $140 in the short term as it continues to navigate market fluctuations.
Poodlana Surpasses $5 Million Mark
Meme coins on the SOL blockchain have gained significant traction, with coins like HahaYes, Ginnan The Cat, and YAWN seeing substantial increases in the past 24 hours. Poodlana, dubbed the “Hermes of Crypto,” has garnered attention from fashion-forward individuals and crypto enthusiasts alike. With a presale that started on July 17th and is set to end on August 16th, Poodlana has already raised $5.50 million.
The current price of Poodlana is $0.0458, with expectations to rise to $0.0499 in the next stage before listing at $0.060. This presents a significant investment opportunity for those looking to capitalize on the growing popularity of meme coins and the SOL blockchain.
Bitcoin Faces Dead Cat Bounce
Bitcoin (BTC) recently fell below $50,000 for the first time since February, signaling a potential dead cat bounce scenario. While BTC has recovered some losses, it still struggles to break the $57,500 support zone. With an RSI of 33, Bitcoin may experience temporary gains before resuming a downtrend.
To reverse the current downtrend, Bitcoin will need to surpass the 50-day EMA at $62,880. In the meantime, BTC may see fluctuations in price as market stability and investor sentiment play a crucial role in its trajectory.
Overall, the cryptocurrency market continues to show resilience and potential for growth, with Solana, Poodlana, and Bitcoin attracting significant attention from investors and traders alike. As the market evolves, staying informed and proactive in decision-making will be key to navigating the dynamic landscape of digital assets.