Solana Memecoins in Focus: Will Pepecoin and WIF Price Overcome Their Losses This Week?

Solana Memecoins in Focus: Will Pepecoin and WIF Overcome Their Losses This Week?

The Solana price has experienced a 6.86% decline in the last 24 hours, with a significant increase in trading volume. This has pushed the altcoin below $125, indicating bearish momentum.

Solana-based memecoins have followed a similar trend, with notable losses of over 10% each in the past day. Amidst the bearish market sentiment, analysts question if these memecoins can regain their momentum or face further decline.

WIF Memecoin's Bearish Trend Intensifies

WIF's price has plunged 14.77% in the last 24 hours, accompanied by a 39.31% surge in trading volume. It has lost 37.46% in the past week and 44.50% over the month. The token is currently trading at a discount of 68% from its all-time high.

WIF's price action has formed a descending channel pattern, indicating weakness. The SMA consistently acts as resistance on the 1D time frame.

The Relative Strength Index (RSI) has dipped below the oversold range, suggesting increased selling pressure. The average trendline exhibits a decline, hinting at a negative outlook for WIF.

If the market reverses bullishly, WIF may test $2.10 resistance. However, if bears maintain dominance, it could fall towards $1.240 support.

Pepe Price on the Verge of a Major Breakdown?

Pepe has lost approximately 13% over the last two days, forming a triangle pattern on its 1D chart. It has been trading bearishly since the start of the month, indicating market weakness.

Pepe's 24-hour decline is 14.77%, with a trading volume change of +51.29%. It has fallen 11.23% in the past week and 31.57% in the last 30 days.

The Moving Average Convergence Divergence (MACD) shows a red histogram, indicating weak bullish sentiment. The averages trend down, suggesting further value loss this week.

If market conditions push Pepe above $0.00001150, it may break out and target $0.00001410. Continued bearishness, however, could send it towards $0.00000880 support.