Is Brett crypto the next big thing? Solana memecoin bucks market trend

• Brett experienced a significant surge amidst a broader market downturn. 
• Despite technical signals, positive sentiment surrounding Brett remains strong.

As of the latest update, the crypto market is experiencing a downturn, with various altcoins displaying bearish trends on their daily charts. Additionally, according to CoinGecko, the memecoin market cap on the 31st of May stood at $65.7 billion, after seeing a 4.6% decline in the past 24 hours. 

BRETT tops the memecoin mania

Reflecting broader market trends, Brett [BRETT], a popular memecoin, suffered a 5% decline in the past 24 hours as well.

However, in the last seven days, BRETT experienced a significant surge of 67.61%.

Adding to the excitement around the Solana-based memecoin, @henokcrypto, a crypto investor and content creator took to X (formerly Twitter) and noted, 

“The market is down this week but $BRETT is breaking ATH’s.” 

With a touch of sarcasm he further added, 

Source: Henok/X

However, upon closer examination of the technical indicators, there are signs indicating a potential pullback.

The Relative Strength Index (RSI) showed that the coin was lying in the overbought zone, while the Moving Average Convergence Divergence (MACD) indicator also signaled strong bearish movement.

Source: TradingView

The hype worked in favor of Brett

AMBCrypto’s look at Sentiment’s data suggested that despite the slight price decline on 31st May, positive sentiments surrounding Brett outweighed the negative ones.

Moreover, the price volatility graph line running almost flat further suggests that people are still positive and stable about BRETT’s bullish performance.  

Source: Santiment

In Jordan Welch’s words, 

Source: Jordan Welch/X

While it’s too early to predict what the future of Brett looks like, one thing is certain, the hype surrounding this memecoin might be promising.