Solama, a llama-themed meme coin on the Solana network, has recovered by 17% from its recent floor price amid the broader crypto market’s rebound from the latest downtrend.

The market has swiftly recovered since the significant drop on July 5, which pushed the global crypto market cap below $2 trillion for the first time in five months. With Bitcoin (BTC) recently rallying past $64,000, altcoins have also gained momentum.

Solama is leveraging this positive shift to potentially reclaim its July 1 high of $0.02522. After reaching $0.02522, the meme coin fell to a three-week low of $0.01388 on July 12. However, this level served as a support point for a rebound.

Solama has now surged to $0.01636, marking a 17.8% recovery from the July 12 low. At its current price, the asset has risen by 6.61% over the past 24 hours, driven by increased social engagements.

Solama deviates from the typical cat and dog themes associated with traditional meme coins by embracing a llama-themed charm. The project features LP token burns and a renounced contract ownership to attract investors. Gems Radar recently ranked Solama among the top 3 tokens by community votes.

💎 #Top10 Today #GemsRadar 💎

🥇 $GME

🥈 $PAW

🥉 $SOLAMA

4⃣ $OKAYEG

5⃣ $TRUMP

6⃣ $ADASOL

7⃣ $DINO

8⃣ $CRYPSI

9⃣ $Barron

🔟 $tremp

The recent surge has pushed Solama’s market cap above the $10 million mark, now standing at $10.6 million. However, its trading volume has dropped by 50.27% in the last 24 hours to $429,970, indicating a decline in market activity.

Despite the rise, technical indicators suggest Solama still faces challenges. The OBV, which measures buying and selling pressure, shows a downward trend, indicating dominant selling pressure recently.

The Aroon indicator reveals the Aroon Up at 0.00%, indicating a lack of recent high points, while the Aroon Down is at 64.29%, suggesting that low points are more frequent. These figures imply that the uptrend has not fully solidified.

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