Connect with us
Active Currencies 14900
Market Cap $2,215,012,790,404.60
Bitcoin Share 50.89%
24h Market Cap Change $-1.72

Solana-based WEN erases losses: Time for another hike?

2min Read

The meme coin was one of the most talked-about tokens lately. Here’s why.

Solana-based WEN erases losses: Time for another hike?

Share this article

  • Sentiment around WEN was positive as trading volume increased.
  • The 4-hour analysis suggested a possible climb toward $0.00088.

WEN, the cat-themed meme coin built on Solana [SOL], has seen its price increase by an incredible 29.10% in the last 24 hours. Like the price, the trading volume of WEN also jumped.

At press time, the volume was $345.71 million, hinting at increased interest in the token. Before, its recent decrease to $0.00049, the price of WEN climbed to $0.00051.

This value represented the highest point it had reached within the last month.

The cat has a bull’s eye

AMBCrypto’s investigation into the reasons for the unprecedented hike provided some insights. According to our findings, Crypto.com’s listing of WEN was one reason for the hike.

Not many centralized exchanges have the coin listed.

So, when the exchange announced the listing on the 26th of March, demand for the token soared. WEN is one of the meme coin that has launched on Solana in the last six months.

Although, it does not have the Bonk [BONK] and dogwifhat [WIF] kind of hype yet, on-chain data showed many market participants have kept an eye on it.

According to Santiment, WEN’s social volume jumped to 156 on the 26th of March. The hike was proof that attention in the market shifted to the Solana-based token.

When AMBCrypto checked the Weighted Sentiment, we noticed that the metric soared. At press time, the Weighted Sentiment had skyrocketed to 1.25, indicating a bullish perception around the token.

WEN's rising social volume and sentiment

Source: Santiment

If sentiment remains bullish in the coming days, the price of WEN might increase further. However, traders might need to be wary of profit-taking.

In a case where selling pressure increases, the possible rise beyond $0.00051 might be disproved.

WEN targets the moon

However, it is also important to look at the price potential from a technical angle. As of this writing, the Relative Strength Index (RSI) on the 4-hour WEN/USD pair showed the token was overbought.

In this state, it is expected that WEN’s price might retrace. If the price declines, the value of the token might pull back as low as $0.00037 (the 0.786 Fibonacci retracement level).

Despite the possible decline, our analysis showed that the price of WEN might extend to $0.00088 (the 4.238 Fib level). However, the possible jump to $0.00088 might not happen immediately.

In addition, indications from the Awesome Oscillator (AO) showed that WEN could continue its upward movement. At press time, the AO reading was positive, indicating increasing bullish momentum.

WEN analysis showing a potential price increase

Source: TradingView


Is your portfolio green? Check out the WEN Profit Calculator


In the short term, WEN’s value might decrease below $0.00049. However, a possible memecoin season might be close.

When this begins, the cryptocurrency might be one of the tokens that could display an exceptional performance. For the time being, traders might be on the lookout for good entries.

Share

Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.