Usman Salis
Solana-based memecoin MEW has seen a 12% price surge in the past 24 hours, fueled by SOL's performance and investor interest.
MEW Price Surges Amid Solana's Bullish Run
The cryptocurrency market is experiencing a bullish trend, with Solana (SOL), the world's fifth-largest digital asset, gaining significant attention from both investors and institutions. Over the past seven days, SOL has seen an impressive price increase of over 18%.
Amid this rally, the Solana-based memecoin Cat in a Dogs World (MEW) has also attracted considerable investor interest, resulting in a price surge of over 12% in the last 24 hours. This rise is linked to SOL's stellar performance and speculations surrounding its potential spot Exchange Traded Funds (ETFs) in the United States.
Investor Activity Boosts MEW Trading Volume
On July 21, 2024, an investor named Joshua highlighted that Upbit, a major cryptocurrency exchange, has been witnessing a daily trading volume of over $90 million in memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB). Concurrently, Bithumb's listing of MEW has led to trading volumes rivaling those of top memecoins, significantly contributing to the total volume in the spot market.
Following the surge in interest and trading volume, MEW's open interest (OI) has increased by 60% in the past 24 hours, according to on-chain analytics firm CoinGlass. Furthermore, MEW futures open interest on exchanges reached an all-time high of over $63.62 million during the same period.
Bullish Patterns Indicate Potential MEW Growth
Expert technical analysis suggests a bullish outlook for MEW, with the coin forming a bullish double-bottom price action pattern on the weekly timeframe. Despite reaching the neckline, MEW has historically faced sell-offs at the $0.0062 level. However, current peak investor interest could drive the price above $0.0065, potentially leading to significant upside momentum.
As of now, MEW is trading near $0.0081, marking a 38.8% increase in the last 24 hours. Over the past seven days, MEW has experienced a substantial price surge of over 75%. If the MEW daily or weekly candle closes strongly above $0.0065, it may continue its upward trajectory. Conversely, if historical patterns hold, MEW could drop to the $0.0033 level.
In conclusion, MEW's recent performance highlights its potential as a top memecoin pick, driven by SOL's success and growing investor interest. The market will closely watch its next moves amid the broader bullish trend in the cryptocurrency landscape.
Usman Salis
