The Solana Network has seen an increase in activity over the past few weeks. The rapid popularity of meme coin-based projects seems to have generated massive trading volume within the SOL ecosystem. Solana-based meme coins such as Book of Meme (BOME) have already recorded a monthly surge of over 38%. Additionally, the trading volume generated by Solana-based projects has also boosted SOL’s revenues to new highs, with its total revenue exceeding $78M.
Moreover, Ethereum is also following a similar trend with Ethereum-based meme coins, such as Cutoshi, recording significant gains in presale stages. Cutoshi has managed to raise over $550k in stage two of its presale while eyeing the $1M mark before the end of the month.
Cutoshi Eyes $1M Presale Revenue By The End Of October
Cutoshi (CUTO), the Ethereum-based utility-meme token, is set to revolutionize the $66B DeFi market. Drawing its inspiration from the Chinese Lucky Cat, believed to bring wealth and good fortune to people, Cutoshi intends to bring prosperity to investors’ portfolios. Moreover, the project follows Bitcoin’s founder principles of blockchain technology: decentralization, monetary freedom, and privacy.
Backed by a multi-chain DEX that allows easy asset swaps across different blockchains, the project has continued to attract significant attention, offering early investors a 46% ROI. Its educational platform will help broaden users’ understanding of DeFi and the crypto market. The Cutoshi community will also have a unique chance of earning additional income through its farming mechanism.
With plans to grow the platform exposure, Cutoshi has already secured a CMC listing. The CUTO token is currently trading at just $0.022. Owing to the meme coin’s limited supply of just 440M tokens, it is set to surge even higher.
Solana Price Records A Bullish Action: Is $200 The Next Stop?
After trading within a consolidated range, the Solana price has regained a bullish trend, adding an over 14% weekly surge, trading at around $176. Moreover, Solana’s price is on a path to reclaim the $180 mark, suggesting increased bullish sentiment.
The Solana MACD has also displayed a constant green histogram, as the 50—and 200-day EMA records a bullish curve. The curve suggests that the SOL token is set to continue its bullish outlook in the coming days. Additionally, the total fees generated on Solana over the past one day have also hit an all-time high.
Backed by its technical indicators, the SOL token could potentially breach its crucial resistance level of $181 and head towards the $200 mark. However, a bearish reversal might push the price of Solana towards its support trendline of the channel pattern.
Book Of Meme Surging Trend Continues Following BOME’s Breakout From Its Descending Channel
The price of Book Of Meme (BOME) has surged over 12% in just a week, trading around the $0.0096 mark. This recent surge in BOME’s price has been attributed to the rising Solana price performance, which is witnessing steady upward momentum.
However, Book Of Meme’s recent breakout from its descending trendline, established from the June highs, is also one of the most significant aspects of BOME’s recent price movement. This breakthrough signals a potential transition from a dipping to a bullish trend as renewed buying interest emerges—something that has seen Book Of Meme volume surge, according to Crypto Catz.
Following the breakout, Book Of Meme has successfully reclaimed its crucial level, converting it into a support level. Moreover, technical indicators, including the 50-day SMA, are also trending below BOME’s price, serving as a significant support level. Book Of Meme has consistently traded above this moving average, reinforcing the prevailing upward sentiment.
Ethereum Price Aims For A Surging Trend Reversal
The Ethereum price recorded a bearish momentum trend in October, as the bear took control of its price at the $2,685 resistance level. This pushed the ETH price to the $2,351 support zone, where the token formed a rounding bottom pattern.
This was followed by Ethereum taking another correction from its resistance zone, resulting in the price of ETH trading below the 100 and 200-day SMAs. The Relative Strength Index is around 48, slightly above the oversold region, suggesting the asset is relatively weak. However, a golden crossover at $2,508 and a potential rounding bottom pattern suggest that Ethereum might soon record upward momentum.
This means that the Ethereum price might undergo a recovery period if the trend picks up as the bulls target $3,000. Moreover, Vitalik Buterin has also unveiled a new stage in the Ethereum roadmap labeled The Verge, which includes massive modifications to the ETH platform infrastructure to minimize hardware requirements while making Ethereum more accessible.
Will Cutoshi Match Solana-Based Meme Tokens’ Price Performance In 2024?
Solana-based meme coins, including Book Of Meme, have continued to showcase impressive performance within the crypto market. With this, Cutoshi, an Ethereum-based utility token, also aims to mirror this projection in Q4. The project has already seen significant growth.
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