Solana (SOL) rose over the weekend as Bitcoin (BTC) price edged towards highs of $69k and other cryptocurrencies, including Ethereum and XRP gained. Meme coins are also showing signs of continued upside bounce.
However, one Solana meme coin stands out and is creating the most frenzy in the market. This is the recently launched Poodlana (POODL), a meme coin that has stormed to nearly $2 million in presale in less than a week.
Here’s a look at SOL and BTC prices and what it could mean for Poodlana’s POODL.
Bitcoin surges amid multiple bullish factors
While Bitcoin has slipped slightly to around $67,800 after US President Joe Biden’s announcement on Sunday that he won’t be seeking reelection, analysts are bullish on next moves for BTC.
This positive sentiment gets further impetus from the imminent trading debut of Ethereum spot ETFs and the continued net inflows into spot Bitcoin ETFs.
Jake Chervinsky, chief legal officer at Variant, opines that Biden’s exit could see a new Democratic Party nominee take a more aggressive bet at wooing the crypto vote.
Donald Trump, who has emerged as more crypto-friendly, will speak at Bitcoin 2024 in Nashville, Tennessee this weekend.
What these factors suggest is that a potential breakout for Bitcoin above $70k will allow bulls to target a new all-time high.
This will likely include a similar surge for top altcoins, with Ethereum, BNB and Solana showing more traction in recent weeks.
Solana price targets year-to-date highs
Solana, which has shown signs of recovery since hitting lows of $127 on July 5, rose to $184 on Monday. The market expectation is for the SOL price to extend the upside momentum to above $200, a psychological level that would offer bulls more control.
The altcoin’s price broke above a downtrend line from its YTD high on July 19, which could give bulls more grip on momentum.
SOL/USD price on daily chart. Source: TradingView
Notably, SOL reached its year-to-date high above $200 in March as Butcoin established a new ATH above $73k.
With the top cryptocurrency in bullish territory, a boost for Solana as happened with the recent filing of spot SOL ETFs in the US could spark further buyside pressure.
A rally in Solana meme coins such as dogwifhat, Bonk and Poodlana may add to the expected buoyancy for SOL.
Poodlana raises nearly $2 million in under week
Poodlana is a new Solana meme coin that launched its presale on July 17.
In under a week, the dog-themed meme coin has edged towards the $2 million milestone. Currently, early enthusiasts have positioned over $1.92 million in POODL.
This iconic poodle-inspired and fashion-centric meme coin will only be in presale for 30 days. After that, POODL will immediately list on DEX and begin trading – bringing fashion, glamour and meme opportunity to the crypto market.
Asia, where poodles rank in the top three of most popular and beloved dog breeds, is Poodlana’s biggest market.
The region also loves a good meme coin. POODL stands on the top podium in this space, with its appeal for fashionistas and crypto-savvy.
Poodlana presale price: Investors eye DEX listing
The price of Poodlana’s token has increased from $0.02 to $0.023 in stage 2. POODL will rise throughout the remaining presale stages.
According to details on the project’s website, POODL will list at $0.06 within 60 minutes after the presale ends on August 16.
Given the bullish projections for Solana and meme coins, it’s likely a project that combines the best of both and available at discounted prices could be a big opportunity.
Asia is also a massive reason why Poodlana is riding such a massive wave of anticipation.
Learn more about why and how to buy on the official presale page.
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