|

Solana meme coin SILLY price eyes nearly 40% gain after key bullish developments

  • Silly Dragon price is attempting to recover inside the $0.0676 to $0.11 range.
  • A successful flip of the range low into the support floor could propel the altcoin to the range’s midpoint at $0.0933. 
  • SILLY could also sweep of the range high at $0.11 in a highly bullish case. 
  • A flip of the $0.0653 level into a resistance barrier will invalidate the optimistic outlook.

Silly Dragon (SILLY) price is close to producing a breakout that could kickstart a trend reversal and a double-digit recovery rally. The Solana-based meme coin could provide handsome gains to patient investors. 

Also read: This ‘SILLY’ Solana meme coin is making records after Bonk, rallying by 160% in a week

SILLY price likely to trigger a breakout

SILLY price has been on a downtrend since December 27, 2023, shedding roughly 64% of its market value. But the recent move has created a range, extending from $0.0676 to $0.11, which indicates that a bottom could be near. 

After producing a swing low at $0.0653 on January 6, SILLY price has produced a higher low and higher high, indicating a shift in market structure. This move is the second sign that sidelined buyers are starting to bid. 

If SILLY price reclaims the range low at $0.0676, it will be indicative of a trend reversal and a potential bounce. In such a case, investors can bet on a mean reversion play that propels the Solana-based meme coin Silly Dragon to retest $0.0933. This move would constitute a nearly 40% gain from the current level of $0.0736. 

A sustained momentum here, coupled with new capital entering the ecosystem, could see SILLY price retest the range high at $0.11.  

Also read: Avalanche-based meme coins rally by 200% as the Foundation announces its plan to accumulate them

SILLY/USDT 1-hour chart

SILLY/USDT 1-hour chart

On the other hand, if SILLY price gets rejected from the range low of $0.0676, it could fall back to the $0.0653 to $0.0702 demand zone. If this support zone is flipped into a resistance zone, it will invalidate the bullish thesis. 

If the selling momentum persists, SILLY price could crash 8% and revisit the next key level of $0.060.

Also read: Solana nears $100 as meme coin frenzy continues to drive rally

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

XRP retreats as ETF interest cools
Ripple (XRP) slides toward the short-term $1.10 support on Friday, as broader crypto market sentiment weighs on crypto assets. The sell-off mainly stems from fears of inflation in the United States (US) amid the ongoing war in the Middle East and rising Oil prices.
Crypto Today: Bitcoin, Ethereum, XRP pare losses as breakout potential builds
Bitcoin (BTC) is edging higher on Friday, albeit gradually, after reclaiming support above $65,000. Meanwhile, Ethereum (ETH) shows signs of stability near the immediate $1,900 hurdle, backed by mild capital inflows. Ripple (XRP), on the other hand, holds above the pivotal $1.10, with its upside structurally constrained below $1.15.
Bitcoin Weekly Forecast: BTC holds firm, but the $100 Oil threat could change the game
Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.
Crypto shrugs off a stronger Dollar
Cryptocurrencies have been affected by jitters in traditional financial markets, losing 0.8% of their market capitalisation over the past 24 hours to $2.23T, dipping to a low of $2.21T at the start of active trading in Asia.
Bitcoin: BTC holds firm, but the $100 Oil threat could change the game
Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.