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However, the bearish price action hasn’t dented investor enthusiasm surrounding Slothana – which early backers speculate could explode once listed on exchanges.After a sharp weekend pump, dogwifhat has come crashing back to earth over the past two days.This selloff has effectively erased all of the token’s weekend gains in a bout of profit-taking.WIF has been forming a textbook descending channel pattern on the 4-hour timeframe as each bounce is met with fresh selling pressure.
If the bearishness continues to run rampant, the next key technical support to watch is around $3.20.On the flip side, a rebound from $3.20 may see WIF push back towards the upper boundary of the descending channel, where buyers and sellers will likely battle it out once more.The bearish price action hasn’t been isolated to just dogwifhat, either.BONK’s slide has seen it lose over 13% of its value to trade at just $0.000021 at the time of writing.
Charting a near-identical trajectory to WIF, BONK is also stuck in a large descending channel – this time on the daily time frame.Spot volumes have contractedUltimately, with both WIF and BONK experiencing significant downward pressure, the meme coin frenzy that gripped the market over the weekend appears to be coming to an end.
The presale has now raised a jaw-dropping $10 million, with early buyers able to purchase SLOTH tokens at a rate of 10,000 per SOL. But more than just the presale haul, Slothana’s community growth signals that this could be the next viral meme coin on the Solana chain.The buzz around Slothana has reached such fever-pitch levels that prominent crypto influencers have taken notice.While no firm timeline has been announced, Slothana’s developers have begunOnly time will tell if Slothana can maintain this momentum and join the ranks of top meme coins – but the early signs look positive.
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