MOODENG, the Solana-based meme coin, has recently experienced an incredible 700% surge in price over the past week. This jump has positioned it as one of the top-performing tokens, and the growth is expected to continue as the market embraces the meme coin. 

With momentum building, MOODENG is well on its way to potentially reaching a new all-time high (ATH).

MOODENG Finds Demand

The surge in MOODENG’s price is driven by organic demand, as indicated by the Open Interest (OI) data. Over the past week, traders have poured $324 million into the meme coin, pushing the OI from $18 million to $342 million. This 1,800% increase in OI suggests a strong market interest, with demand for MOODENG extending beyond its spot market performance.

In the futures market, the strong interest in MOODENG also points to growing optimism around the token. With $324 million flowing into the futures contracts, it’s evident that traders are betting on the meme coin’s success.

Data from Holderscan shows that MOODENG’s holder base has expanded significantly, now reaching 75,000 holders. Interestingly, the distribution of assets among holders with less than $10 worth of the token has surged from 17% to 33% in the last ten days.

This shift indicates that smaller retail investors are now actively buying MOODENG, further boosting its market presence. This growing number of smaller holders suggests that MOODENG is gaining traction among institutional investors and with retail participants who see potential for substantial gains. 

MOODENG Price Aims At New High

MOODENG’s price has shot up by 703% in the past week, currently trading at $0.305, just below the resistance of $0.355. The recent rally has positioned the coin near its ATH, and breaking through the $0.355 resistance could open the door for further price appreciation.

If MOODENG manages to breach the $0.355 barrier and flip it into support, it could surge past its previous ATH of $0.700. The continuation of the bullish trend would likely push the price even higher, solidifying MOODENG’s position as a major meme coin in the market.

However, if MOODENG fails to break through the $0.355 resistance, a decline is possible. In this scenario, the meme coin’s price could fall back to $0.180 or even lower if profit-taking increases among investors. This would invalidate the current bullish outlook and prompt a correction in price.

Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including…

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