Key Points
- Solama, a meme coin on the Solana network, has rebounded by 17% following a recent market slump.
- Despite the recovery, technical indicators suggest that Solama still faces selling pressure.
Solama, a meme coin with a llama theme operating on the Solana network, has seen a 17% recovery from its recent low point. This comes as the wider cryptocurrency market begins to recover from its recent downturn.
The cryptocurrency market experienced a swift rise following a discouraging crash on July 5th, which caused the global cryptocurrency market capitalization to fall below $2 trillion for the first time in five months. The recent rally of Bitcoin (BTC) past $64,000 has provided a boost to altcoins.
Solama’s Performance
Solama capitalized on this market shift, aiming to return to its July 1st high of $0.02522. After reaching this value, the meme coin experienced a drop to a three-week low of $0.01388 on July 12th. However, this low point served as a catalyst for a rebound.
Currently, Solama has surged to $0.01636, marking a 17.8% recovery from the July 12th low. In the last 24 hours, the asset has increased by 6.61%, a rise supported by increased social engagement.
Solama’s Unique Appeal
Solama stands out from traditional meme coins, which often feature cats or dogs, by embracing a llama theme. The project includes LP token burns and a renounced contract ownership to attract investors. Recently, Gems Radar ranked Solama among the top 3 tokens based on community votes.
Solama’s recent surge has once again pushed its market cap above $10 million, reaching a current figure of $10.6 million. However, its volume has fallen by 50.27% in the last 24 hours to $429,970, indicating a decrease in market interest.
Despite the recovery, technical indicators suggest Solama still faces challenges. The OBV, a measure of buying and selling pressure, indicates a downward trend, suggesting that selling pressure has been dominant recently.
The Aroon indicator shows the Aroon Up at 0.00%, indicating a lack of recent high points, while the Aroon Down is at 64.29%, suggesting that low points are more common. These figures suggest that the uptrend has not fully materialized.
