Markets
Is Brett crypto the next big thing? Solana Memecoin Bucks Market Trend
- Brett saw a significant rise amid a general market downturn.
- Despite the technical signals, positive sentiment around Brett remains strong.
Since the last update, the crypto market has been witnessing a slowdown, with various altcoins showing bearish trends on their daily charts. Furthermore, according to CoinGeckomemecoin’s market capitalization as of May 31 stood at $65.7 billion, after experiencing a 4.6% decline over the past 24 hours.
BRETT dominates memecoin mania
Reflecting broader market trends, Brett [BRETT]a popular memecoin, also suffered a 5% drop in the last 24 hours.
However, over the past seven days, BRETT has seen a significant rise of 67.61%.
Adding to the excitement around the Solana-based memecoin, @henokcryptoa crypto investor and content creator took to X (formerly Twitter) and noted:
“The market is down this week but $BRETT exceeds the ATHs.”
With a touch of sarcasm he further added:
Source: Henok/X
However, upon closer examination of technical indicators, signs point to a potential pullback.
The Relative Strength Index (RSI) showed that the coin was in the overbought zone, while the Moving Average Convergence Divergence (MACD) indicator also signaled a strong bearish move.
Source: TradingView
The hype worked in Brett’s favor
AMBCrypto’s review of Sentiment data suggests that despite the slight price decline on May 31, positive sentiments around Brett outweigh negative sentiments.
Moreover, the almost flat price volatility chart line further suggests that people are still positive and stable about the bullish performance of BRETT.
Source: Santiment
In the words of Jordan Welch,
Source: Jordan Welch/X
Although it is too early to predict what Brett’s future will look like, one thing is for sure, the hype around this memecoin could be promising.