Solama token recovers 17% from recent low amid market rebound

Solama, a llama-themed meme coin on the Solana network, has recovered 17% from its recent bottom price as the broader crypto market recoups losses from the recent downtrend.

Notably, the market has seen a rapid rise since the discouraging crash on July 5 that pushed the global crypto market cap below $2 trillion for the first time in five months. Altcoins have benefited from the shift in momentum, with Bitcoin (BTC) recently surpassing $64,000.

Solama did not miss this opportunity and is hoping to ride the uptrend to reclaim the $0.02522 high from July 1. After reaching $0.02522, the meme coin recorded a drop to a three-week low of $0.01388 on July 12. However, this support acted as a baseboard for a recovery.

Solama has now rebounded 17.8% from its July 12 low to $0.01636. At its current price, the asset is up 6.61% in the last 24 hours. This rally was supported by increasing social interactions.

Deviating from the cat and dog interpretations associated with traditional meme coins, Solama adopts a llama-themed charm. The project features an LP token burn and a waived contract ownership to attract investors. Gems Radar recently ranked Solama among the top 3 tokens by community vote.

The recent surge has brought Solama’s market cap back above the $10 million mark, bringing it to $10.6 million at reporting time, but its volume has fallen by 50.27% in the last 24 hours to $429,970, suggesting a decline in market interest.

Despite the rise, technical indicators show that Solama is not yet out of danger. The OBV, which measures buying and selling pressure, is indicating a downward trend, reflecting the dominance of selling pressure lately.

Solama price, OBV and Aroon – July 17 | Source: Trading View

The Aroon indicator shows Aroon Up at 0.00%, indicating a lack of recent highs, while Aroon Down is at 64.29%, indicating more frequent lows. These figures suggest that the uptrend is not yet fully formed.