Why Solana’s MEW could be your top memecoin pick this week

• MEW open interest skyrockets 60%, following a bullish double-bottom price action pattern.
• MEW has become the top Solana-based meme coin of this week, surging by more than 75%.

The overall cryptocurrency market is turning bullish, and the world’s fifth-biggest digital asset Solana [SOL] has gained massive attention from investors and institutions due to an impressive price surge of over 18% in the last seven days.

Amid this rally, Cat in a Dogs World [MEW], a Solana-based meme coin also experienced similar attention from investors resulting in a massive price surge of over 12% in the last 24 hours.

Potential reason behind MEW price surge

The reasons behind the MEW price surge could be SOL’s impressive performance, the anticipations of its spot Exchange Traded Funds (ETFs) in the United States, and Korean investors’ love for this cat coin. 

On 21st July, 2024, an investor named Joshua shared insights stating that Upbit a major cryptocurrency exchange has been experiencing a daily trading volume of over $90 million in meme coins like Dogecoin [DOGE] and  Shiba Inu [SHIB].

Meanwhile, Bithumb has listed MEW meme coins and it is doing as much volume as all top meme coins combined and leading the total volume in the spot market.

Following this massive interest and trading volume, MEW open interest (OI) skyrocketed by 60% in the last 24 hours, according to the data from an on-chain analytic firm CoinGlass.

Meanwhile, MEW futures open interest on exchanges also reached an all-time high of over $63.62 million in the last 24 hours.

Source: CoinGlass

MEW price prediction and upcoming resistance level

According to expert technical analysis, MEW is looking bullish as it forms a bullish double-bottom price action pattern on a weekly time frame.

Despite this bullish pattern, MEW was currently there at the neckline. Historically, whenever the MEW price reaches the $0.0062 level, it experiences a massive sell-off. 

Source: TradingView

However, this time investors’ interest is at a peak. If the MEW daily or weekly candle gives a strong closing above the $0.0065 level, we may see a massive upside momentum.

Whereas, if history repeats, there is a high chance that MEW could fall to the $0.0033 level.

As of this writing, MEW was trading near $0.0057 and has experienced a price surge of over 12% in the last 24 hours. On the other hand, if we look at the performance of MEW over a longer period, in the last seven days it experienced a massive price surge of over 75%.