The broader cryptocurrency market begins the week on a bullish note, with meme coins based on the Solana (SOL) blockchain poised for a trend reversal. Bonk (BONK), Pudgy Penguins (PENGU), and SPX6900 (SPX) edge higher to extend the Sunday gains as bearish momentum fades. BONK edges higher by over 4% at press time on Monday, extending the nearly 5% gains from Sunday. The reversal run in BONK holds dominance above the 50% retracement level at $0.00002350, drawn from $0.00006230 on November 20 to $0.00000886 on April 7, targeting the 61.8% Fibonacci level at $0.00002958.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) have recovered slightly and are now steady at around $114,000, $3,500, and $3, respectively, as of Monday’s writing. These top three cryptocurrencies by market capitalization had corrections of nearly 5%, 10%, and 9% in the previous week, with the broader market sentiment remaining mixed. Technical indicators hint at possible short-term relief rallies if current supports hold.
Ethena held above the $0.50 psychological level with a nearly 14% surge on Sunday. At the time of writing on Monday, ENA edges higher by over 2%, advancing towards the previous week’s high at $0.66, as the Relative Strength Index (RSI) reads 62 on the daily chart, suggesting significant bullish momentum.
