Solana
Solana-based WEN erases losses: Time for another hike?
The meme coin was one of the most talked-about tokens lately. Here’s why.
- 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.
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.
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.
