Memecoin is likely to rise by 40%

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Silly Dragon (SILLY) price is about to break out, potentially triggering a trend reversal and double-digit gains. Solana-based meme coins could generate substantial profits for patient investors.

SILLY price has breakthrough potential

Since December 27, 2023, SILLY price has been trending downward, losing approximately 64% of its market value. But recent moves have created a range extending from $0.0676 to $0.11, suggesting a bottom is imminent.

After setting a volatile low of $0.0653 on January 6, SILLY price made higher lows and higher highs, indicating a change in market structure. The move is the second sign that off-market buyers are beginning to bid.

If SILLY price reclaims the range low of $0.0676, it would be a sign of a trend reversal and a possible recovery. In this case, investors can bet on a reversal that could push Solana’s Silly Dragon price to retest the $0.0933 level. This move would see an increase of almost 40% from the current level of $0.0736.

Continued momentum here, coupled with new capital entering the ecosystem, could cause SILLY price to retest the range highs of $0.11.

Source: TradingView

On the other hand, if SILLY price rejects the $0.0676 range low, it may fall back to the $0.0653-$0.07 demand zone. If this support level turns into a resistance zone, the bullish argument will be invalidated.

If the selling momentum continues, SILLY price could drop 8% and move back to the next key level at $0.06.