Recently, the Solana-based meme coin known as MOODENG has seen a remarkable surge of 700% in its price within just a week. This spike has made it stand out as one of the best-performing tokens currently in the market, with expectations of continued growth as more investors embrace this meme coin.

With this positive momentum, MOODENG appears to be well on its way to possibly reaching a new all-time high.

The increase in MOODENG's price is a result of genuine demand, evident from the Open Interest data. Traders have invested $324 million into the meme coin over the past week, causing the Open Interest to rise from $18 million to $342 million, reflecting an 1,800% increase. This surge indicates a significant market interest in MOODENG beyond its current performance.

The futures market also shows promising interest in MOODENG, with $324 million flowing into futures contracts, signaling traders' optimism regarding the coin's potential success.

Data from Holderscan reveals a substantial growth in MOODENG's holder base, now standing at 75,000 holders. Particularly, there has been a notable increase in assets among holders with less than $10 worth of the token, rising from 17% to 33% in the last ten days.

This shift indicates that smaller retail investors are actively joining the MOODENG market, which not only enhances its presence but also indicates growing interest from both institutional investors and retail traders eyeing potential gains.

MOODENG's price has surged by 703% within the week, presently trading at $0.305, approaching the resistance level of $0.355. This recent upsurge has placed the coin close to its all-time high, and breaching the $0.355 resistance could pave the way for further price appreciation.

Should MOODENG successfully surpass the $0.355 barrier and establish it as support, it might go beyond its previous all-time high of $0.700. The continuation of the bullish trend could push the price even higher, cementing MOODENG's status as a significant meme coin in the market.

However, failure to break above the $0.355 resistance could lead to a potential decline. In such a scenario, the price of the meme coin may dip back to $0.180 or even lower if profit-taking intensifies among investors. This would invalidate the current bullish trend and trigger a correction in the price.