Memecoins
Solana’s memecoin mania: BONK’s surge and the future of WIF
- BONK is up more than 8% in the last 24 hours.
- The daily chart of WIF was also green, but some parameters turned bearish.
As market conditions have turned somewhat in investors’ favor, Solana [SOL] took the opportunity to increase its price. While SOL’s round-the-clock price action was promising, SOL-based memecoins like BONK stole the show by recording better growth momentum.
BONK overtakes Solana
Second CoinMarketCap, The price of SOL has increased by more than 4.5% in the last 24 hours. At the time of writing, it was trading at $142.24 with a market capitalization of over $63.6 billion.
However, all eyes are on BONK as its value has increased by more than 8% in the last 24 hours alone. At the time of writing, the SOL-based memecoin was valued at $0.00002581 with a market capitalization of over $1.68 billion.
The good news is that the memecoin’s trading volume has also increased along with its price, serving as the foundation for its bullish rally.
It was surprising to see that despite the recent price increase, BONK’s social volume remained low. Its weighted sentiment also remained in the negative zone, meaning bearish sentiment around it was dominant.
Source: Santimento
To see if memecoin could sustain this price pump, AMBCrypto analyzed its daily chart. The MACD has shown a clear bullish edge on the market.
Furthermore, its Relative Strength Index (RSI) also gained upward momentum, suggesting that the chances of the bull run continuing were high.
Nonetheless, BONK price touched the upper limit of the Bollinger bands, which was a bearish signal.
Source: TradingView
AMBCrypto then checked Hyblock Capital data to find possible targets that BONK could reach if the bull rally continues.
In the short term, the first possible target seemed to be $0.000028, as at that level liquidation would increase, which could cause a price correction. A break above that level could cause the memecoin price to touch $0.000030.
Source: Hyblock Capital
WIF to follow BONK?
Dogwifhat [WIF], another popular SOL-based meme coin, also saw a price increase. In the last 24 hours, the value of WIF has increased by more than 3.5%.
At the time of writing, it was trading at $2.73 with a market capitalization of $2.7 billion. AMBCrypto’s analysis of Santient data revealed that things could be even better for WIF.
The memecoin funding rate had dropped. Typically, prices move in the opposite direction of the financing rate, indicating that WIF may soon see further gains.
Realistic or not, that’s it The market capitalization of BONK in terms of BTC
However, his open interest has waned. Every time the metric drops, it suggests that the chances of the ongoing price trend changing are high.
Additionally, sentiment around WIF also remained bearish, as evident by its low-weighted sentiment.
Source: Santimento