Memecore (M) jumped more than 20 percent on April 21, local time, rising to around $4.28. Its market capitalisation topped $7 billion.

According to blockchain outlet BeInCrypto, Memecore has risen about 145 percent over the past 30 days, extending a strong uptrend even within the memecoin market.

The move is drawing attention because it occurred on top of an uptrend that has continued since late March, rather than being a short-lived spike. On a daily chart, the $4.72 high hit on April 18 remains within reach, and whether it holds support at $4 is seen as a key variable for maintaining the trend.

Technical indicators also support the bullish move. The relative strength index (RSI) rose to around 80, entering overbought territory, but no clear bearish divergence appeared. That is interpreted as buying pressure remaining dominant. The moving average convergence divergence (MACD) also widened in positive territory, suggesting upward momentum is continuing.

The market is looking at $4.61 as a key near-term resistance. If it breaks above that level on a four-hour chart, a renewed test of $4.72 and a potential record high could open up. If it fails to break through, the possibility of slipping out of the existing rising channel and a correction is also being discussed. The lower support line is around $2.80.

Analysts say a combination of factors beyond technicals has likely driven the rise. One cited factor is faster capital rotation into the altcoin market, concentrating speculative money in high-volatility assets. The possibility of accumulated buying by large wallets or organically rising demand driven by community expansion has also been raised.

Changes to the project itself also acted as a catalyst. Memecore introduced account abstraction through a hard fork on March 25 and sharply cut gas fees to 15 gwei from 1,500 gwei. Improved network efficiency is seen as strengthening the base to absorb demand for high-frequency trading and new token issuance.

Expectations for entry into the South Korean market are also seen as influencing investor sentiment. Memecore was reported to be pursuing the acquisition of a KOSDAQ-listed company to secure a virtual asset service provider (VASP) licence in South Korea, and if the process is completed, the possibility of introducing won trading pairs and expanding the domestic ecosystem has also been mentioned.

Trading volume has held at a stable level during the rise but remains lower than during the April 18 surge. Market participation is continuing, but it has not reached overheated levels.

The market is watching whether it breaks above $4.61 as a turning point for the next move. If it clears that level on a daily chart, the chance of retesting a record high increases, while failure could raise the possibility of shifting to a near-term correction and a support test.