FWOG Rallies With Whale Support, SolCex Listing Boosts Demand

The frog-themed meme coin FWOG has risen by more than 4.75% today and is now trading at $0.45212. Some of the events, such as strategic whale purchases and obtaining a listing on SolCex, have led to a surge in the price and market capitalization of FWOG, making it one of the best meme coins on the Solana network.

FWOG Price Chart Analysis

FWOG has been showcasing a significant bullish signal. The current price of $ 0.45212 after touching an intraday high of $0.48900.

The price is above the 20-day SMA which is at $0.27702 showing there is much trading above this average line. The situation above the SMA confirms the continuation of an uptrend. The SMA serves as a strong support zone for potential pullback.

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The recent breakout above the upper Bollinger Band at $0.42470 reflects intensified buying pressure. Though it may also face resistance if the rally slows.

Traders are closely watching this upper band level as a potential test for the continuation of the bullish trend. The recent breakout above the upper Bollinger Band at $0.42470 shows that buying pressures have increased.

However, a ‘bounce back’ may stop it if the price rally slows. Traders are now keenly watching the upper band as a potential test for continuation bull run signals.

What Bollinger Bands and RSI are Showing

The Bollinger Bands presented on the daily chart indicate that the price of FWOG has gone above the upper band of $0.42470, which shows an increase in volatility. If the price maintains a consistent trading level above this band, it means that there is active interest from buyers.

FWOG Retracements are likely to find support at the 20-day SMA at $0.27702, located on the middle Bollinger Band.

A deeper retracement may test support at the lower Bollinger Band at $0.12935. However, there may not be a threat for this level anytime soon since the bulls seem to be in control of the price action at the moment. This lower band serves as a strong support boundary within the recent trading range.

The RSI currently stands at 80.29, a value that points to FWOG already being in the overbought zone.

This high level indicates strong bullish pressure, though such readings are in the overbought territory and might be followed by further consolidations or market corrections.

If it reverses and the RSI falls below 70, it might signify weak buying pressure.

Analyst Views on FWOG’s Market Performance

Market performance has increased because of massive whale acquisitions and the new listing of FWOG on SolCex which has increased the token demand.

According to analyst LukedexETH’s post on X, whale investors have made accumulations of more than $2.35 million in strategic buys. Based on LukedexETH, these purchases have placed FWOG as the top meme coin on Solana, with significant attention from retail traders after the involvement of these whales.

FWOG now has a market capitalization of over $350 million, moving it to the top 300 cryptocurrencies list. LukedexETH highlighted that FWOG is quickly gaining mainstream adoption, and it is being recognized by both institutional and retail investors.

The analyst also added that maintaining the price range of $0.35-0.36 could lead to a steep spike in FWOG’s price and increase the possibility of the FWOG reaching a $1 billion market cap.