Meme coin on Solana: Bonk, Pudgy Penguins, SPX6900 are preparing to bounce back as the bearish momentum weakens.

The cryptocurrency market is entering a new week with an optimistic sentiment, especially for the meme coin group on the Solana blockchain (SOL), which is sending signals of a trend reversal. Bonk (BONK), Pudgy Penguins (PENGU), and SPX6900 (SPX) all recorded slight gains, continuing the bounce back from Sunday as selling pressure gradually eases.

BONK bounce back, marking a change in trend momentum

BONK is currently recording an increase of over 4% at this time on Monday, extending a bounce back of nearly 5% from Sunday’s session. This bounce helps the price maintain above the 50% Fibonacci retracement level at $0.00002350 — determined from the peak of $0.00006230 ( on 20/11 ) to the bottom of $0.00000886 ( on 7/4 ). The next target is set at the 61.8% Fibonacci level at $0.00002958.

If the price can firmly close above the level of $0.00002958, the upward trend will have a chance to extend to the strong resistance area at $0.00004105, coinciding with the 78.6% Fibonacci level.

Daily chart of BONK/USDT | Source: TradingViewTechnical indicators are signaling a change in market momentum. On the daily chart, the Relative Strength Index (RSI) is currently at 47 — a neutral state but slightly leaning towards a bullish trend. At the same time, the MACD indicator shows that the MACD line is approaching the signal line, while the red candles are gradually narrowing, indicating that selling pressure is weakening.

However, in a negative scenario, if the price of BONK falls below the mark of $0.00002350, it is highly likely that this coin will have to test the support level at the 200-day EMA, currently at $0.00002129.

PENGU aims for the peak before last week as selling pressure weakens

PENGU surged 6% on Sunday, sending a clear reversal signal after the correction at the beginning of the previous week. The bounce back momentum continued on Monday, with an increase of more than 2% as of now, bringing the price close to the Fibonacci 78.6% level at $0.03713 — determined from the peak of $0.07000 ( on 17/12) to the bottom of $0.00370 ( on 9/4).

If the closing price holds strong above this level, it could be a strong buy signal, opening up opportunities towards last week's peak at $0.04660.

PENGU/USDT daily chart | Source: TradingViewThe RSI indicator on the daily frame is currently at 58, indicating that the bounce back momentum from the neutral zone is being reinforced. At the same time, the decline momentum of the MACD indicator is showing signs of slowing down, as the red histogram bars gradually narrow.

However, in the adjustment scenario, PENGU may turn around to retest the important support area at $0.02893 — the nearest bottom established on July 15.

SPX6900 is expected to extend its upward trend in a wedge pattern

SPX6900 (SPX) surged strongly on Sunday with a 7.5% increase, continuing to maintain the excitement by rising nearly 2% in Monday's session. This meme coin from the Solana network bounced back from the short-term support line — connecting the lows set on May 17 and June 21 — in Saturday's trading session, aiming for the target of last week's peak at $2.28.

Notably, the price action of SPX6900 is gradually completing an ascending wedge pattern, with the support line mentioned and the resistance line connecting two key peaks on February 14 and June 11.

SPX6900/USDT daily chart | Source: TradingViewTechnical signals indicate that selling pressure is noticeably decreasing: the red candles on the MACD indicator are fading, while the RSI is fluctuating around the neutral level of 47 and showing signs of bouncing back.

However, in a negative scenario, if SPX6900 reverses and breaks through the support zone around the $1.48 mark, the price may retreat to test the 100-day EMA at $1.31.

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