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Turmoil strikes the Solana meme coin market as Bonk and Dogwifhat retrace 11% and 12%.
However, the newly launched Slothana has continued pushing ahead as top analysts back it for 10x gains.
Solana meme coins dump amid broader market selloff
The crypto market has retraced today, causing a mass derisking from more volatile assets like Solana meme coins.
According to CoinGecko data, the total crypto market cap is down by 3.8%, but the Solana meme coin ecosystem fares worse for wear, down 5.8%.
However, Solana’s top dogs, Bonk and Dogwifhat, have suffered even deeper selloffs, down 11% and 12%, respectively.
Currently, Bonk is trading at $0.00002373. Despite today’s pullback, it remains up 67% this week but is down 11% this month.
BONK has a $1.5 billion market cap and a $531 million 24-hour trading volume, down 9.3% today.
Trader Benjaminxbt anticipates Dogecoin will advance upwards in the coming weeks. The analyst noted that it recently broke a wedge chart pattern to the upside and suggests that it will now push toward its March 2024 all-time high (ATH).
Meanwhile, prominent commentator Sjull from AltCryptoGems highlighted a “cup and handle” chart pattern formation and speculated a move to the upside could follow.
“BONK had a nice rally lately, now is consolidating just below a key resistance level. You can see a sort of cup & handle pattern forming here. Pay attention to a possible breakout,” he wrote.
Moving to Dogwifhat, it is trading at $2.95, up 23% this week and 4.8% this month. It holds a $2.9 billion market cap and a $802 million 24-hour trading volume.
Trader Hamza recently backed WIF to advance toward $4 in the coming weeks.
The analyst cited WIF’s bounce from the $1.9 support level but warned that the bullish outlook will be invalidated if it loses that level.
Indeed, traders remain optimistic about the top players in the Solana meme coin ecosystem. However, analysts are also backing new projects to perform well. One of the most promising is the presale token Slothana, predicted to 10X by a leading analyst.
Analyst Says SLOTH will 10X after IEO
Slothana, the latest edition of Solala’s presale mania, has emerged as a leading contender after raising over $15 million so far.
The sloth-themed meme coin has eclipsed the total raise of earlier presale phenoms, Book of Meme and Slerf, setting a bullish precedent for its upcoming exchange listing.
Adding to the excitement, leading analysts are rallying in support. Prominent commentator Crypto Gains recently speculated that Slothana could “10x at launch” and warned market participants it is “the last chance to get in” at presale.
In a recent video, Jacob Bury also predicted SLOTH could 10x after its IEO.
Analysts are basing these bullish predictions on the relentless success of Book of Meme and Slerf after their presales. BOME reached a $1 billion valuation in two days, and SLERF overtook Ethereum in on-chain trading volume.
But another factor hinting at success for the newest Solana hype is rumors that its team is linked to Smog, another hyper-triumphant Solana meme coin.
Smog soared over 100x after launching in February, peaking at a $270 million market cap. The rumors were galvanized by Smog commenting on Slothana’s first X post when it had less than 50 followers.
Although these factors offer an exciting glimpse into Slothana’s future potential, traders must act quickly because the presale ends in four days.
To learn more about this project, visit the Slothana presale website.
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This article first appeared at crypto.news
