POPCAT and BONK See Red as Investor Sentiment Shifts Towards Utility Altcoins in the Christmas Season

Crypto analysts have observed a bearish trend in Solana memecoins like POPCAT and BONK as the investor sentiment is shifting towards utility altcoins

Solana (SOL) price has been impacted by the bear trend in memecoins within its ecosystem. According to data from CoinMarketCap, SOL has decreased 15.3% from the monthly peak and is currently valued at $223. However, it is still up 206% year-to-date (YTD).

On the daily time frame charts, Solana faces major resistance at the $230 level, converging with the descending trendline pattern and a supply zone due to profit booking. If SOL breaks this resistance, the price could form a higher high (HH) and higher low (HL) pattern, propelling it to fresh all-time highs (ATH).

Solana (SOL) price could recover soon with strong community support. Being the third-largest cryptocurrency, SOL is a prominent choice for crypto traders due to its utility.

Solana Memecoins Feel the Heat as Investors Shift Focus

Crypto analysts have observed a bearish trend in Solana memecoins, such as POPCAT and BONK, as investor sentiment is shifting toward utility altcoins in the Christmas season. Both coins have seen a price drop of over 40% from their recent peak, with capital rotating to DTX Exchange (DTX).

Solana (SOL) Price Analysis

Solana (SOL) price has been affected by the bear trend in memecoins within its ecosystem. According to data from CoinMarketCap, it has decreased 15.3% from the monthly peak and is currently trading at $223. Notably, Solana (SOL) has increased 206% year-to-date (YTD), which shows its potential to recover from the losses.

On the daily time frame charts, Solana (SOL) faces major resistance at the $230 level, which coincides with the descending trendline pattern and the supply zone due to profit booking. If it breaks this resistance, the price can form a higher high (HH) and higher low (HL) pattern, propelling it to fresh ATH.

With strong community support, Solana (SOL) could recover soon. It is the third-largest cryptocurrency, and because of its utility, it is one of the prominent choices of crypto traders.

POPCAT Traders Awaiting Reversal As Bear Trend Persists

Popcat has been one of the most trending cryptocurrencies of 2024. Since August, it steadily moved in an uptrend channel and gained over 300% within two months. However, due to a sudden increase in bearish pressure near the $1.75 price level, Popcat plunged and corrected over 30% to $1.16.

The Popcat price reversed from the correction, and as it regained demand, it rose to a new ATH of $2.07. However, it encountered resistance near this level and has now fallen 50% to trade at $1.09. It has been taking support from the $1 price level. This is a crucial support level, and Popcat may reverse from it with substantial demand.

BONK Traders In Bearish Flag, Selling Pressure Building Up

In November’s bullish rally, BONK was one of the top gainers, surging 205% in a single month. However, the price crash has been similar to the surge as it has declined to a low of $0.00003251, 48% from the November peak. BONK is trading in bearish stages, building up a flag-like structure and breaking down from it. A third bear flag has formed with a $0.000035 strike level; a break from this could push BONK to a new low.

Bonk attracts attention with its strong community and plans to boost its utility through partnerships and dApps, leveraging existing opportunities. Analysts believe Bonk has the potential to reach its all-time high again, especially with Solana (SOL)’s robust technical infrastructure drawing in developers and users.

DTX Exchange Presale Success Lists DTX At the Top

DTX Exchange (DTX) has skyrocketed excitement in the cryptocurrency market, with its presale as the game-changer for retail investors. This viral platform employs a hybrid Layer-1 protocol enabling multi-asset trading on the platform, which makes it stand out in the whole trading sector. Users can access 12,500+ assets in a unified platform, including traditional assets like stocks, ETFs, and forex and digital assets such as crypto and NFTs.

This multi-utility platform has created headlines in the global crypto community as its presale has already reached $10.30 million in the sixth presale stage. According to expert investors, DTX Exchange will break all the past records in 2025, outpacing blue-chip cryptocurrencies like Solana (SOL).

As the utility-driven coin drives the bullish force, DTX Exchange