WOULD (SOL: $WOULD) continues to show great growth potential in the crypto market with its impressive performance. The Solana-based meme coin is currently being traded at around $0.6319. As of writing, the token is down 1.647% in the last 24 hours but has gained 5.54% in the last 7 days and 5.51% in the last 30 days.
Looking at its total market cap, the token’s market cap now stands at $631.55 million. Despite its market cap growth, it records a slight drop of 1.64% in its total market cap in the last 24 hours. At some point in late March, the total market cap had surged to $643 million, an all-time high, while its trading volume read above $ 503 K. Trading volume has dropped significantly by 44.49% to $281.42K in the last 24 hours. Could this be a shift to the downside?
Originally emerging from meme culture, $WOULD has evolved into what supporters describe as a long-term wealth vehicle. The token gained substantial attention after Elon Musk’s tweet about the meme, “I love this meme.” This triggered a remarkable 2600-fold price increase. After this explosive growth and subsequent redistribution among investors, $WOULD has established a stable foundation.
Unlike many speculative tokens, $WOULD adopts a Player vs. Environment (PVE) approach rather than the common Player vs. Player (PVP) model seen in other meme coins. This strategic difference positions it as a “Crypto Berkshire Hathaway,” where token holders function as shareholders.
$WOULD exists exclusively on the Solana blockchain and has not expanded to other chains. This focused approach has helped maintain its identity in the crowded meme coin market.
Technical Analysis: Daily Timeframe
Price action for $WOULD has been mainly bullish. From early January, the token traded in a bullish pennant pattern for a month. It eventually broke out in early February, leading to a bullish continuation. However, since late February, $WOULD has been consolidating up to date within a range between support at $0.53 and resistance around $0.655.
For a month now, there has been choppy trading with no clear directional bias. The consolidation phase suggests a significant move is pending, but the direction remains uncertain.
4-HR Technical Analysis
The 4-hour chart clearly shows the ongoing consolidation. Based on recent trends, a breakout above the resistance level of the range could target the $1 psychologically level. Conversely, if bulls do not step up to defend the $0.53 support level, a breakdown below the level might send prices toward $0.50 or lower.
Is Now The Time To Buy WOULD?
For traders considering entry positions, confirmation of a bullish continuation would require prices to close above the $0.65 resistance level of the range. Alternatively, the support level of around $0.53 might offer a discounted entry point if the consolidation continues and the price gets a rejection of $0.65.
A key decisive factor to monitor is whether price action confirms either a breakdown or a breakout from the current range. This will likely determine the near-term direction for $WOULD. Therefore, a confirmation of a trend reversal or continuation is what you should consider before opening a position.
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