In a dramatic turn of events, Useless Coin (USELESS), a Solana-based memecoin once dismissed as a novelty, has staged a stunning 110% rally in the past week, climbing to $0.38 and approaching its previous all-time high.

This remarkable rise comes amid a broader resurgence of interest in Solana’s memecoin ecosystem, even as the network battles declining decentralised exchange (DEX) volumes and competition from BNB Chain. Despite these headwinds, USELESS has become one of the most actively traded and discussed tokens in the market, outperforming several high-profile Solana assets over the last 24 hours.

As market sentiment turns bullish, traders are now eyeing a potential breakout that could propel USELESS into uncharted territory and perhaps turn what began as a joke into one of Solana’s top-performing assets.

Technical Momentum Points to Sustained Bullish Control

From a technical standpoint, USELESS is displaying all the signs of a strong bullish trend. On the 4-hour chart, the Moving Average Convergence Divergence (MACD) indicator reveals expanding green histogram bars as the EMA 12 (blue) crosses above the EMA 26 (orange), a classic signal that buyers are gaining control.

Similarly, the Awesome Oscillator (AO) continues to print successive green bars above the neutral line, with the current reading at 0.0739, reinforcing the coin’s growing upward momentum.

If the trend holds, analysts believe that USELESS could soon retest its all-time high of $0.38, potentially establishing new price discovery levels beyond that range. A confirmed breakout above this resistance could invite fresh inflows from both retail and momentum-driven traders seeking exposure to Solana’s revived memecoin sector.

The rally also comes at a time when the Solana ecosystem is under pressure. As previously reported by CCN, Solana recently lost its DEX volume lead to the BNB Chain, while its protocol revenues have trended lower. Yet, the USELESS price surge underscores that investor enthusiasm for Solana-native tokens remains alive, particularly in the speculative, community-driven corners of the market.

Overbought Signals Emerge: Cooling Period Likely Before Next Leg

While bullish sentiment remains dominant, on-chain and momentum indicators suggest that USELESS may be nearing an overheated zone.

The Money Flow Index (MFI), which measures inflow and outflow pressure has spiked above 80, currently reading 82.32, indicating strong buying interest but also hinting at possible short-term exhaustion.

Meanwhile, the Relative Strength Index (RSI) hovers at 74.87, just above the overbought threshold. This suggests that while buyers maintain control, the market could soon enter a profit-taking phase as traders look to lock in recent gains.

In such a scenario, minor pullbacks are likely before the next leg of the uptrend. Analysts note that consolidation could strengthen the token’s foundation, giving bulls room to regroup for a sustainable push higher.

Key support zones lie around the 0.786 Fibonacci retracement level at $0.33 and historical support near $0.21, both of which could act as accumulation points if selling pressure emerges.

However, failure to maintain momentum above the 1.0 Fibonacci level, corresponding to the $0.38 resistance, could expose the coin to deeper corrections, possibly testing the $0.21–$0.14 range.

Fibonacci Levels Map Out the Next Critical Zones

A closer look at the Fibonacci retracement chart, from the recent swing low of $0.13 to the current high of $0.39, provides insight into the token’s next potential moves.

USELESS currently trades near the 1.0 Fib level, suggesting that a short-term consolidation could be imminent. If buyers manage to defend this zone, the token could build a base around $0.31, preparing for a breakout toward higher resistance levels beyond $0.40.

Conversely, a break below the 0.786 Fib level ($0.33) could trigger a more pronounced retracement, though many traders see this as a healthy correction within an ongoing bullish structure rather than the start of a downtrend.

Such retracements are often followed by renewed buying pressure as investors re-enter the market at discounted prices, particularly in speculative tokens like USELESS where momentum tends to dominate fundamentals.

Memecoins Still Command Market Attention

The USELESS rally comes as BNB Chain-based memecoins have stolen the spotlight in recent weeks. Yet, the Solana community’s latest breakout proves that market attention is far from one-sided.

Despite Solana’s slipping DEX volumes and shrinking fee revenue, memecoins remain one of the network’s strongest user acquisition tools. Tokens like USELESS have effectively reignited interest in Solana-based trading, with decentralised exchanges reporting higher volumes over the past few days.

Memecoins, though often dismissed as speculative assets, continue to serve as liquidity magnets, drawing traders back to networks that might otherwise face stagnation. USELESS’s 110% rally illustrates how sentiment-driven assets can still generate momentum even when fundamentals appear mixed.

Outlook: A Cautious Path Toward Price Discovery

Looking ahead, market participants remain cautiously optimistic. The combination of technical strength, community enthusiasm and favourable short-term sentiment could propel USELESS toward a new all-time high in the coming sessions.

However, with momentum indicators flashing overbought signals, analysts warn that volatility will likely intensify. Any correction toward the $0.33–$0.21 range may offer opportunities for traders looking to enter the market before the next major leg up.

In the broader context, USELESS’s breakout reinforces the narrative that memecoins continue to shape market cycles, often defying expectations and technical logic. Whether this rally evolves into a sustainable trend or fizzles out in consolidation remains to be seen.