Solana (SOL) Extends Gains as Meme Coin Poodlana (POODL) Raises $5M Ahead of Presale End

As the markets stabilize, Solana has emerged as one of the top crypto gainers in Tuesday's session. Meanwhile, one of the meme coins under the Solana network, Poodlana, has already raised over $5 million – 10 days ahead of its presale end.

Solana price analysis: Surges 9% as meme coin raises $5.50 million

Solana price dropped to a five-month low on Sunday but has since recovered sharply.

Solana price is still trading below key moving averages and may struggle to continue rising.

A meme coin on the Solana blockchain has already raised over $5.50 million ahead of its presale.

Solana (CRYPTO: SOL) price surged on Tuesday as the broader cryptocurrency market stabilized following a sell-off at the start of the week. Meanwhile, a meme coin on the Solana network has already raised $5.50 million ahead of its presale.

Solana price technicals still bearish

Solana price dropped to a five-month low of $110.47 on Sunday as cryptocurrency prices came under pressure following a hotter-than-expected US inflation report. However, SOL price has recovered sharply since then, rising back above the $150 mark on Tuesday.

At the time of writing, Solana price was up 9.15% over the past 24 hours, trading at $152.12. Its market capitalization stood at $70.9 billion and its 24-hour trading volume was at $5.5 billion.

Solana price has gained close to 40% over the past two days as talks of a SOL ETF continue to heat up and the broader market also helps the cryptocurrency rally.

Solana price 24hr chart. Source: Finbold

However, on the technicals, SOL price is still showing signs of weakness. On the one hand, it formed a bullish hammer candlestick on Sunday. But it is still trading below the 20 and 50-day EMAs.

As the markets stabilize, the zone of 140 will serve as immediate support in the upcoming sessions. However, it will face strong resistance around 159.47, and the cryptocurrency will likely remain within this range in the short term. A break above that level will have the bulls eyeing the next resistance at 170.05.

Solana meme coin raises $5.50 million

Rising interest in the Solana blockchain has seen meme coins on the network record huge gains. In the past 24 hours, HahaYes, Ginnan The Cat, and YAWN price rose by 225.4%, 117.9%, and 170.2% respectively.

There are meme coins, and then there’s Poodlana, the “Hermes of Crypto.” POODL has captured the attention of the fashion-conscious crowd and the ever-growing legions of crypto enthusiasts. Considering that the two industries are massive and expected to keep growing, the poodle-themed meme coin might just be the biggest Solana listing yet.

At the moment, Shiba Inu and Dogecoin are the top dogs in the crypto market, but the love for crypto and the fashion-centric poodle places POODL in the right lane for dominance.

Since launching its presale on 17th July, the widely talked-about coin has already raised $5.50 million. The hype around the meme coin is so huge that it raised over $3 million in just 10 days after launching its presale. The one-month presale is set to conclude on 16th August.

As stated on the project’s website, the current price is $0.0458 and is set to increase to $0.0499 in its next stage. At a set listing price of $0.060, there’s a huge opportunity for investors to make big bucks before and once it hits the trading market.

The meme coin market does present a huge potential for returns despite the risks involved. Based on its viral traction, a small investment in POODL could yield massive returns.

Bitcoin price in a dead cat bounce

BTC price dropped below the psychological level of $50,000 on 5th August for the first time since 14th February. While it has recovered some of those losses, it lacked the momentum to breach the previously strong support zone of $57,500.

A glance at the technicals suggests the possibility of a dead cat bounce. With an RSI at 33, it may make temporary gains before embarking on a downtrend.

As the markets stabilize, it might gather the momentum to push past the $60,000 mark. However, to reverse the current downtrend, it will need to move past the 50-day EMA at $62,880.