- The cryptocurrency market is witnessing a strong bullish trend, with Solana [SOL] gaining significant traction.
- MEW, a meme coin based on the Solana blockchain, has surged by over 75% this week.
- Analysts point to SOL’s impressive performance and investor interest as key drivers of MEW’s price increase.
MEW surges as investor interest in Solana-based meme coin peaks.
MEW Open Interest Skyrockets by 60% in 24 Hours
MEW, touted as the top Solana-based meme coin this week, has seen its open interest (OI) rise by an impressive 60% in the past 24 hours. This surge followed a bullish double-bottom price action pattern, signaling significant market confidence in the asset. According to CoinGlass, MEW’s futures open interest on exchanges has also reached a new peak of over $63.62 million.
MEW Rides the Wave of Solana’s Bullish Momentum
The overall bullish sentiment in the cryptocurrency market has undoubtedly helped MEW’s rise. Solana [SOL], the fifth-largest digital asset, has drawn substantial attention from both retail and institutional investors, owing to a price increase of over 18% in the past week. As SOL’s momentum grows, assets on its blockchain, including MEW, are benefiting from increased investor interest.
Key Factors Driving MEW’s Price Surge
Several factors appear to be contributing to MEW’s recent price surge. Firstly, Solana’s strong performance has elevated the attractiveness of projects within its ecosystem. Furthermore, there’s growing anticipation over potential spot Exchange Traded Funds (ETFs) for Solana in the United States. Lastly, Korean investors have shown a particular interest in MEW, further fueling its rise.
Investors’ Perspective on MEW’s Future
Investor sentiments were echoed by Joshua, an investor who highlighted that Upbit, a major cryptocurrency exchange, has registered a daily trading volume exceeding $90 million in meme coins like Dogecoin [DOGE] and Shiba Inu [SHIB]. Bithumb’s recent listing of MEW also contributed significantly, pushing its trading volumes to rival top meme coins in the spot market.
MEW Price Prediction and Potential Resistance Levels
Expert technical analysis suggests that MEW is forming a bullish double-bottom price action pattern on the weekly chart, indicating potential for future gains. The price currently hovers around the neckline, historically a resistance point at $0.0062, where past trends have seen significant sell-offs. However, if MEW breaks and holds above the $0.0065 level, it could set the stage for a substantial upward momentum. On the downside, failing to sustain above this level might see a retracement back to $0.0033.
MEW’s Current Performance and Investor Outlook
As of now, MEW is trading near $0.0057 with a 12% increase in the last 24 hours alone. Over the previous seven days, it has witnessed an astonishing 75% rise. This performance, coupled with heightened investor interest, suggests a positive outlook for MEW, provided it navigates upcoming resistance levels successfully.
Conclusion
MEW’s recent performance highlights the growing investor appetite for Solana-based assets amidst a broader market rally. Key drivers include Solana’s impressive gains, anticipated ETF approvals, and strong interest from Asian investors. While technical indicators point to potential further increases, investors must watch critical resistance levels to gauge future movements. Overall, MEW stands out as a noteworthy contender in the meme coin segment, reflecting broader bullish trends in the cryptocurrency market.
