Solama token recovers 17% from recent low amid market rebound
Solama, a llama-themed meme coin on the Solana network, has recovered by 17% from its recent floor price, as the broader crypto market recoups the losses of the latest downtrend.
Notably, the market has seen a rapid increase since the discouraging collapse on July 5, which pushed the global crypto market cap below $2 trillion for the first time in five months. With Bitcoin (BTC) recently rallying past $64,000, altcoins have capitalized on the shift in momentum.
Solama has not missed out on this opportunity, looking to ride on the uptrend to reclaim the July 1 high of $0.02522. After hitting $0.02522, the meme coin recorded a collapse to a three-week low of $0.01388 on July 12. However, this support served as a floorboard for a rebound.
Solama has now spiked to $0.01636, marking a 17.8% recovery from the July 12 low. At its current price, the asset is up by 6.61% over the past 24 hours. This rise has been bolstered by increased social engagements.
Deviating from the cat and dog renditions associated with traditional meme coins, Solama embraces a llama-themed charm. The project features LP token burns and a renounced contract ownership to attract investors. Gems Radar recently placed Solama among the top 3 tokens by community votes.
The recent surge has again pushed Solama’s market cap above the $10 million mark, bringing it to the current figure of $10.6 million at the reporting time. However, its volume has dropped 50.27% in the last 24 hours to $429,970, suggesting a decline in market interest.
Despite the upsurge, technical indicators suggest Solama is not out of the woods yet. The OBV, which measures buying and selling pressure, indicates a downward trend, reflecting that selling pressure has dominated in recent times.
The Aroon indicator shows the Aroon Up at 0.00%, indicating a lack of recent high points, while the Aroon Down is at 64.29%, suggesting that low points are more prevalent. These figures indicate that the uptrend has not fully taken shape.
