- SOL is among the assets that have bounced back strongly, but it is not out of danger yet.
- Ten days before the end of its presale, POODL has already raised over $5 million.
- Bitcoin appears to be undergoing a potential dead cat bounce.
As markets start to stabilize, Solana has emerged as one of the top crypto gainers in Tuesday’s session. At the same time, one of the meme coins on the Solana network, Poodlana, has already raised more than $5 million—ten days before its presale ends. Its viral popularity presents a unique opportunity for meme-coin enthusiasts to potentially profit from relatively small investments.
SOL is not out of the woods yet
Solana, the fifth-largest cryptocurrency, extended its gains on Tuesday following a sharp sell-off that swept the markets earlier in the week. After falling to a five-month low of $110.47 on Sunday, SOL climbed back above $150 by Tuesday.
At the time of writing, SOL trades at $152.12, up 9.15% over 24 hours. Market capitalization and 24-hour trading volume stood at approximately $70.9 billion and $5.5 billion, respectively.
The near-40% rebound over the past two days coincides with renewed conversation around a potential SOL exchange-traded fund (ETF). The broader market’s natural recovery also contributed to the upward movement.
Regarding a SOL ETF, optimism is growing that Solana could become the third token available to investors after BTC and ETH.
Chart analysis, however, suggests SOL still faces risk. Although an upward-facing hammer candle formed on Sunday, SOL continues to trade below its 20- and 50-day EMAs.
As markets stabilize, the area around $140 is likely to act as a solid support zone in coming sessions. At the same time, SOL is expected to meet substantial resistance near $159.47. In the short term, the token could remain rangebound between these levels. A successful breakout above that resistance would put bulls in position to target the next barrier around $170.05.
Poodlana has already topped $5 million with 10 days to go
Renewed interest in the Solana blockchain has driven strong performances among its meme coins. Over the past 24 hours, HahaYes, Ginnan The Cat and YAWN surged by approximately 225.4%, 117.9% and 170.2%, respectively.
Among those tokens, Poodlana—dubbed the “Hermes of Crypto”—has stood out. POODL has caught the eye of fashion-forward communities and a growing base of crypto users. Given the large and expanding audiences in both fashion and crypto, this poodle-themed meme coin could become one of Solana’s most notable listings to date.
Currently, Shiba Inu and Dogecoin dominate the canine-themed meme-coin space. Still, POODL’s combination of crypto appeal and fashion-oriented branding places it in a promising position for broader recognition.
Since the presale began on July 17, POODL has raised $5.50 million. The presale generated so much excitement that it raised over $3 million within only ten days of launch. The month-long presale will close on August 16.
The project’s site lists the current presale price at $0.0458, with a planned increase to $0.0499 in the next phase. With a set listing price of $0.060, investors have a sizable upside potential if the token lists and gains market traction.
While meme coins carry heightened risk, they can also deliver outsized returns. Given POODL’s viral trajectory, a modest allocation could yield meaningful returns for some investors, though volatility and risk remain significant considerations.
Bitcoin may be in a dead cat bounce
BTC slipped below the psychological $50,000 level on August 5 for the first time since February 14. Although it has recovered some losses since then, Bitcoin currently lacks the momentum needed to reclaim the former support zone near $57,500.
Technical indicators suggest the possibility of a dead cat bounce. With an RSI around 33, BTC could see short-lived gains before resuming a downward trend.
If broader market conditions stabilize, Bitcoin might gather enough momentum to push past $60,000. However, reversing the current downtrend would likely require a move above the 50-day EMA, currently near $62,880.