The Solana-based memecoin Useless Coin USELESS surged over 30% in 24 hours, leading the crypto market’s weekend gains. On-chain data indicated significant whale accumulation, including a notable $100,000 purchase, though selling pressure persisted on some exchanges. The token faced a critical technical test at the $0.05 resistance level.
The cryptocurrency market performed well over the weekend, closing in the green for both days. Memecoins led the sector, with Useless Coin gaining over 30% in a single day.
This rally placed USELESS ahead of all top 500 cryptos by daily gains. The memecoin’s trading volume spiked by approximately 243% at the time of reporting, showing high liquidity.
On-chain data showed intense buying and selling activity, with bulls dominating in volume. Most buys averaged over $20,000, while a key opinion leader on the Solana blockchain bought about $100,000 worth of USELESS.
The aggregate Long/Short Ratio for the token rose from 0.91 to 1.01. Exchanges like Bybit, Binance, and OKX showed ratios above 1.50, indicating bullish sentiment.
However, selling activity was noted on Gate.io, which had a ratio of 0.625. This suggested some traders were using the exchange to take profits or adjust their positions.
On the charts, USELESS exhibited rising momentum after a period of dormancy. The token’s Open Interest also surpassed the $100 million mark as it approached a critical test.
The memecoin faced significant resistance at the $0.05 price level. A break past this point could set it on a path toward the $0.07 zone.
For a longer-term bullish trend shift, the price would need to break above $0.13. This area has acted as a daily resistance zone since mid-November of the previous year.
