Memecoins
Solana’s Memecoin: BONK, BOME Rise, But What About WIF?
- Despite the price increase, sentiment around the BOME remained bearish.
- Some parameters and indicators suggest a trend reversal for the WIF.
The cryptocurrency market has recently turned bullish, enabling several flagship coins, including Bitcoin [BTC] AND Ethereum [ETH], become green.
Several Solana [SOL]memecoins based on, how BOME AND BONKalso followed the trend, but dogwifthat [WIF] he seemed to be lost.
BOME and BONK remain on track
Second CoinMarketCapBOME and BONK followed the market’s bullish trend while their daily and weekly charts remained green.
Specifically, BOME has grown by more than 11%, while BONK’s value has increased by more than 7% over the past seven days. At the time of writing, BOME was trading at $0.01203, while BONK was valued at $0.01203.
Thanks to the bullish price action, social volumes of both these meme coins have remained high. BONK’s weighted sentiment also increased, indicating that investor confidence in the meme coin was high.
Surprisingly, despite a double-digit price increase, BOME weighted sentiment fell. This meant that bearish sentiment around the meme coin was dominant in the market.
Source: Santimento
AMBCrypto then analyzed the daily charts of BOME and BONK to see if they would sustain their bullish momentum. Starting from BOME, we found that the meme coin was about to test its resistance at $0.0126.
The MACD showed a clear bullish lead in the market, suggesting that the possibility of the BOME breaking above the resistance was high.
However, the Relative Strength Index (RSI) registered a decline, indicating that BOME may not be able to sustain its bullish rally.
Source: TradingView
Interestingly, unlike BOME, BONK indicators suggest that the meme coin’s bullish rally has just begun. For example, its MACD showed the possibility of a bullish crossover.
Its RSI had a value of 53., which means it was above the neutral threshold. Furthermore, the Chaikin Money Flow (CMF) also recorded an increase, meaning that the chances of a continued price increase were high.
Source: TradingView
WIF is left behind
While the aforementioned meme coins turned their charts green, WIF lagged behind as its price had dropped by more than 6% in the last seven days.
According to CoinMarketCap, at the time of writing, WIF was trading at $2.83 with a market capitalization of over $2.8 billion. However, the downtrend may end soon.
AMBCrypto’s analysis of Santiment data revealed that WIF’s Open Interest had dropped dramatically along with its price.
Generally, a decline in the metric indicates that the ongoing price trend may change soon.
Source: Santimento
Light Bonk [BONK] Price forecast 2024-25
Our analysis of WIF’s daily chart highlighted that its CMF has trended higher, suggesting a trend reversal. However, the RSI continued to move sideways below the neutral mark.
Furthermore, the Money Flow Index (MFI) recorded a sharp decline. These two indicators suggest that WIF may not join the uptrend as its value may decline.
Source: TradingView