Key takeaways

BTC rallied past the $59k mark on Thursday but has since retraced as the market failed to capitalise on yesterday’s CPI report. The Poodlana presale commences in five days as investors get ready for another Solana meme coin. 

Bitcoin dips below $58k as bears stay in control The cryptocurrency market has had a positive week so far, with prices of most coins and tokens up by more than 3% in the last seven days. Bitcoin has rebounded from the $53k low established last weekend and is now trading above $57k per coin. BTC is down by more than 2% in the last 24 hours. At press time, the price of Bitcoin stands at $57,246. The bearish performance over the last 24 hours comes despite the recent CPI report indicating a decline in inflation in the United States. Market participants are confident that the Federal Reserve will cut interest rates in its next meeting in September. Despite this positive news, BTC continues to struggle to push above the $60k psychological level. What’s Poodlana? Amid the consolidating market performance, new projects continue to emerge and Poodlana is one of the meme projects to keep an eye on. However, Poodlana is taking a unique approach in the market in a bid to become one of the leading meme coins in the crypto space.   Poodlana is a new Solana meme coin focused on introducing the glamor of high fashion to the crypto world. The development team has set a goal of making Poodlana the number one dog token on the planet. With Poodlana, investors will own meme coins that embrace the ethos of community-driven growth while providing them with unique value.  Per their whitepaper, the team revealed that Poodles are in the top 3 dog breeds in Japan, Korea, and China where they are essential fashion accessories for the glitterati. Thanks to its popularity in Asia, the development team will leverage this combined with the love of meme coins in these countries to build a strong community. Poodlana’s presale commences in five days The Poodlana presale is fast approaching and will commence in five days. The presale will commence on July 17 and last for 30 days. Only the crème de la crème can join with SOL, BNB, ETH, USDT, USDC and Fiat/card payments. With this presale, there would be no lock-up period for their tokens, no games, just pure, unadulterated excellence. The POODL presale goes live on July 17 and ends on August 16. According to the website, the presale will be in 10 stages, with a price increase every three days, from $0.0200 in stage 1 to $0.0539 in the final stage.  Poodlana to issue one billion tokens Poodlana is adopting a simple tokenomics approach to ensure maximum transparency amongst its community members and investors. The total supply will be 1 billion POODL tokens, with 50% going presale. The remaining 50% will be split amongst marketing (15%), rewards (5%), partnerships (5%), treasury (10%), and liquidity (15%). 00% of tokens will be unlocked on day one, ensuring there are no lock-ups or vesting periods. Following the end of the presale, Poodlana will burn unsold tokens. Investors will start claiming their tokens immediately after the presale, with the token set to list on decentralized exchanges (DEXs) hours after the presale.  Click here to learn more about Poodlana Should you buy the Poodlana token? Poodlana wants to become one of the leading dog-themed meme coins in the market and its transparency is a huge plus for investors. By leveraging the popularity of the Poodlana dog, similar to the Shiba Inu dog, the project could gain massive adoption in the coming months and years. The presale will last for 30 days, which means investors have a limited period to invest in the project before it is listed on exchanges. The swift listing on crypto exchanges could also help attract more investors to the project.

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Analysis

Cryptocurrencies had a relatively strong performance this week as Bitcoin bounced back to almost $60,000. Toncoin was trading at $7.23, a few points below its highest point this year while Solana rose to $146, up from this month’s low of $121.  These coins rose as investors bought the dip and as the impact of the ongoing liquidations by the German government and Mt. Gox wallets. They also recovered after the US published an encouraging inflation report that revealed that consumer prices were falling.  Another positive event that happened was that Solciety, an upcoming Solana meme coin, raised over $863k from investors in less than two weeks. You can buy the SLCTY token here. Solana price forecast Solana price bottomed at $122.10, where it failed to move below since May this year. It then bounced back and was trading at $140 on Thursday evening.  On the daily chart, the token has formed a double-bottom pattern whose neckline was at $188.73. In price action analysis, a double bottom is one of the most bullish chart patterns. It has also formed a small double-bottom pattern whose neckline is at $154. At the same time, the token has found substantial support at the 200-day Exponential Moving Average (EMA), which is a popular bullish sign.  The MACD and the Relative Strength Index (RSI) indicators have also formed bullish divergence patterns. Therefore, the likely scenario is that Solana will resume the bullish trend in the near term.  If this happens, the next key level to watch will be the key resistance point at $155. A break above that level will see it rising to the next psychological point at $160.

Toncoin price forecast Toncoin has been one of the top-performing cryptocurrencies this year as the TON ecosystem continues doing well. The $TON price dropped to a low of $6.36 last Friday as other cryptocurrencies fell. That was an important level since it coincided with the lower side of the ascending channel. There are signs that TON price could soon make a bearish breakout. It has formed a rising wedge pattern, a popular bearish sign. Unlike Solana, the MACD and the Relative Strength Indicator (RSI) have formed a bearish divergence pattern. Therefore, with the rising wedge nearing a confluence level, there is a likelihood that the $TON token will have a bearish breakout in the coming weeks. 

Solciety analysis Unlike Toncoin and Solana, Solciety is not yet publicly traded. Instead, it is a political neutral cryptocurrency currently in its presale event. Launched earlier this month, the sale has raised over $870k and the trend is gaining momentum. Solciety aims to be at the intersection of non-fungible tokens (NFT), meme culture, and Solana meme coins. Recently, Solana’s ecosystem has produced some of the top meme coins like Book of Meme (BOME) and Dogwifhat. It also aims to become the best political meme coins in the industry. Unlike Donald Tremp and Jeo Boden, Solciety will not be affiliated in either of the political space. As the US election nears, people supporting either candidate will feel comfortable investing in the SLCTY token. A key feature of Solciety is its meme generator feature where users will be able to create political memes with over 200 traits, backgrounds, and fonts.Users can make some money in SLCTY tokens by creating and sharing these meme coins.  As the network grows, the developers will introduce augmented reality features that will help users view their meme coins well. You can read more about Solciety and its tokenomics here.

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