Bonk Price Prediction as Meme Coins Rebound After Sell-Off: Is Now the Time to Buy?

Last Updated: May 13, 2024 7:55am EDT | 3 minute read

Bonk price increased by 0.7% in the last 24 hours, reaching $0.00002312 while the market as a whole today records a gain of 2.5%.

This move is not enough to erase BONK’s 16% loss in a week, even though the Solana-based meme token has remained up 35% over the past 30 days.

Even more impressive, the coin has also gained a whopping 5,400% over the past year, making it one of the top 100 best-performing tokens over this period.

And with BONK still in oversold territory over the past week, it could bounce back very soon.

Bonk Price Prediction as Meme Coins Rebound After Sell-Off: Is Now the Time to Buy?

BONK’s chart shows signs of recovery, and what is especially bullish is that this recovery has just begun, which means more gains are in store in the near term.

Its 30-day average (orange), for example, has just started to rise again, meaning that the coin’s price has plenty of time left to rise before the 30-day value surpasses the 200-day value (blue) and rise significantly higher.

Source: TradingView

At the same time, the BONK Relative Strength Index (purple) has risen from just under 30 early this morning to around 60 as of this writing, signaling a sharp increase in buying pressure and momentum.

Such momentum should sustain the meme token for several more days, with the coin’s volume just starting to recover.

Another bullish aspect is the fact that the resistance (red) and support (green) levels of the coin are honing in on each other, which implies that the price is likely to be suddenly compressed in both directions .

Given that BONK has spent more than a week declining, a large move is more likely to take place towards higher levels.

BONK is likely to rise alongside the broader market, which after a difficult couple of months (compared to early March highs) appears poised to return to growth.

That growth will accelerate once financial markets have a strong suspicion that the Fed will cut interest rates, which they have remained at high levels so far this year.

More generally, Bonk’s particular situation seems good as it is a rare example of a deflationary meme token, with its developers notoriously burn through their entire budget – approximately 5 trillion tokens – in January 2023.

Based on its tokenomics and overall momentum, we can expect Bonk’s price to reach $0.000030 by the end of the summer.

Big gains with the new Meme tokens

BONK is likely to remain one of the best performing major meme coins for the foreseeable future, but it may not be one of the best performing if you include the newer coins as well.

A few new meme tokens have appeared in recent weeks, including a wide variety of presale tokens which are gaining a lot of momentum as they prepare to go public.

One of the best of these is Sealana (SEAL), a meme coin based on Solana which raised just over $500,000 in its increasingly popular token offering.

The fact that SEAL pre-sale has broken the $500,000 barrier is very encouraging, given that bidding has only been open for a few weeks.

Investors are clearly interested in the possibility that it could become the latter Solana meme marker outperform much of the market once listed, following in the footsteps of BONK and WIF.

Equally bullish is the fact that it will now be a multi-chain meme coin, with the token also launching an ERC-20 version.

Interested parties can participate by going to Sealana’s official websitewhere they can send SOL to the following address: DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c.

SEAL is available at the exchange rate of 1 SOL per 6,900 SEAL, which is roughly equivalent to $0.021.

This is likely to prove to be a bargain, at least judging by the launch of other meme tokens this year.

And with its quirky meme mascot and memorable marketing, SEAL looks poised to take its place among the most successful launches.

Buy SEAL today

Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.

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