2 hours ago
6
The cryptocurrency market is buzzing with the Solana price rally and the rising popularity of Poodlana (POODL), a meme coin built on Solana’s network that is specifically tailored to the East Asian market.
As Solana (SOL) inches toward a $170 price target amid growing decentralized exchange (DEX) volumes and heightened whale activity, Poodlana‘s unique branding and strategic partnerships set it up for a bullish recovery.
Solana price targets $170 amid DEX dominance
The Solana price is on track to end October with a solid 15% gain, as the coin stabilizes around $175 after a bullish recovery.
Technically, Solana has faced some resistance around $177, forming a rising channel pattern on the 4-hour chart.
With a potential double-top formation and the appearance of a “triple black crow” pattern, the price could see short-term bearish moves or sideways trading near the $164 to $170 range.
Support levels around $168, $165, and $164 serve as critical defense lines for a potential reversal.
While a price drop to $150 remains possible, a sustained push above $170 and consolidation at $177 would increase the likelihood of testing the $200 mark.
This growth is largely attributed to Solana’s rising dominance in the decentralized finance (DeFi) space, where it has recently outpaced Ethereum in DEX volumes.
Solana’s DEXs reached a new milestone, hitting 35% weekly dominance across all chains with a trading volume of $15.78 billion according to DeFilLama, which is 77.91% higher than Ethereum’s $8.87 billion in the same period.
This strong market presence underscores Solana’s appeal among users looking for fast, affordable transactions and drives more liquidity to the network.
Notably, analysts are attributing the bullish momentum around Solana to increased whale activity, with notable addresses withdrawing SOL from major exchanges for staking.
Key whale addresses, including AA21…VxH9, EHax…gAUa, and EGzi…mR7g, collectively pulled over $34.8 million worth of SOL from exchanges like Binance and Kraken, significantly reducing available supply and signaling long-term confidence in Solana’s growth potential.
Specifically, AA21…VxH9 alone withdrew 153,511 SOL (about $26.4 million), while EHax…gAUa and EGzi…mR7g accumulated 48,498.8 SOL for staking.
This consistent whale accumulation is tightening SOL’s liquidity on exchanges, which can create a favorable supply-demand dynamic for a further price surge.
Poodlana’s bullish momentum
As Solana dominates the DEX space, Poodlana (POODL), a meme-inspired altcoin built on Solana, is rapidly gaining traction, especially in East Asia.
This poodle-themed token was strategically designed to target the Asian market’s affinity for luxury brands and its high demand for meme coins, where 80% of meme trading occurs during Asian hours.
Since its presale launch on July 17, which raised $7.1 million in just 30 days, highlighting the appetite for tailored altcoins in the region, Poodlana has been the talk of town among meme coin lovers.
The open market listing on August 16 further expanded Poodlana’s visibility, tapping into the cultural popularity of poodles, which rank among the top three dog breeds in China, Japan, and Korea.
Despite a price dip from an all-time high of $0.03879 on August 23, 2024, to a recent low of $0.00299 on October 28, Poodlana’s current price of $0.003345 signals a potential recovery.
The token has seen a 10.31% over the past week after dropping 30.59 over the past month.
Its fully diluted valuation stands at $3.34 million, with a market cap of $860,180 and a trading volume of $52,890 (a 5.73% increase over 24 hours).
With a circulating supply of 257.37 million POODL out of a maximum supply of 1 billion, Poodlana’s tight supply conditions, alongside its innovative roadmap, provide a strong foundation for future price growth.
The Poodlana roadmap showcases an ambitious plan, with key milestones including centralized exchange (CEX) listings, partnerships with fashion and lifestyle brands, and exclusive airdrops.
It has also started rolling out a staking platform targeting its luxury-conscious audience, offering token holders additional perks and bonuses.
Poodlana’s outreach strategy is anchored in influencer partnerships and high-profile event sponsorships, aiming for both regional dominance in East Asia and global expansion with multi-language support.
Additionally, the project includes philanthropic initiatives supporting canine charities, strengthening its brand alignment with pet and lifestyle themes.
The post Solana price targets $170 as Poodlana (POODL) signals a bullish recovery appeared first on Invezz
English (US) ·