MANEKI (SOL: $MANEKI), the Solana-based meme coin themed after Japan’s legendary beckoning cat, has made headlines after exploding over 100% in the last seven days. Now priced at $0.002136, the token has posted a 113.07% gain this week, despite slipping 12.20% in the past 24 hours. With a market cap now crossing $20 million, this rapid rise places MANEKI among the fastest-growing microcaps on Solana. The token has a total and circulating supply of 8.85 billion, fully diluted, and backed by a strong trading volume of $12.95 million in the last 24 hours.
Technical Analysis
On the 4-hour chart, MANEKI had been in a clear downtrend for several weeks, with multiple breaks of structure (BOS) confirming continued lower lows (LLs) and lower highs (LHs). This bearish structure persisted until two days ago when a change of character (CHoCH) emerged.
The CHoCH marked the shift from bearish to bullish sentiment, igniting a dramatic rally that broke through previous resistance levels with explosive volume. Price action surged to an intraday high at $0.00269, confirming a strong reversal.
Supporting this shift in momentum, the price has also flipped above all key moving averages. The 50, 100, and 200 MAs had been trending above price during the decline but are now all positioned below current levels. The 50 EMA sits at $0.001259, the 100 EMA at $0.001202, and the 200 EMA at $0.001179. These moving averages now act as dynamic support, strengthening the current bullish structure.
Momentum indicators also reflect a strong trend. The Relative Strength Index (RSI) currently reads 67, suggesting the price is close to overbought conditions. Prior to the breakout, RSI was near oversold levels, and bullish divergence contributed to the reversal. While the RSI signals short-term overheating, a controlled pullback could stabilize momentum and create a new buying opportunity.
Technically, key levels in the market are well-defined. The equal highs zone at $0.0028 stands as a critical resistance target and liquidity level. This level may attract significant liquidity and could act as a magnet for price in the coming sessions.
Below current levels, a large 4-hour Fair Value Gap (FVG) sits between $0.00140 and $0.00170. This zone is expected to serve as a possible pullback region where price could rebalance before attempting another leg up. The CHoCH level around $0.001374 remains the key bullish validation point, arising from a low of $0.000836. A loss of this low could indicate the structure is turning bearish again, with downside risk toward lower targets that could be in play.
Thoughts Moving Forward?
Looking ahead, the most probable scenario is a retracement into the FVG area followed by a potential bounce if a confirmation is seen in its internal structure.
If bulls defend that region, the price could aim once again for the $0.0026 liquidity zone. Reclaiming this level would signal continuation and potentially trigger a breakout rally. However, if selling pressure intensifies and price breaks below the previous low around $0.00836, the bullish narrative would weaken, opening the door to deeper levels.
With volume climbing and technicals turning bullish, MANEKI is on many traders’ radars as a potential breakout star in Solana’s memecoin scene. But all eyes remain on the FVG in the days ahead to determine whether this surge has more fuel or has already peaked.
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