- BONK is up more than 8% in the last 24 hours.
- The WIF daily chart was also green, but some metrics turned bearish.
As market conditions changed somewhat in favor of investors, solarium [SOL] took the opportunity to raise its price. Although SOL’s 24-hour price action was promising, SOL-based memecoins like BONK They stole the show as they recorded better growth momentum.
BONK eclipses Solana
According CoinMarketCap, SOL price increased by more than 4.5% in the last 24 hours. At the time of publication, it was trading at $142.24 with a market capitalization of over $63.6 billion.
However, all eyes turned to BONK as its value 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 memecoin’s trading volume also increased along with its price, acting as a 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 that the bearish sentiment around it was dominant.
To see if memecoin would manage to sustain this price increase, AMBCrypto analyzed its daily chart. The MACD showed a clear bullish advantage in the market.
Furthermore, its Relative Strength Index (RSI) also gained bullish momentum, suggesting that the chances of the bull run continuing were high.
However, BONK price had touched the upper boundary of the Bollinger Bands, which was a bearish signal.
AMBCrypto then checked Hyblock Capital data to find possible targets that BONK could hit if the bullish rally continues.
In the short term, the first possible target seemed to be $0.000028, as the sell-off would increase to that level, which may trigger a price correction. A break above that level could result in the memecoin price reaching $0.000030.
Will WIF follow BONK?
dog hat [WIF], another popular SOL-based meme coin, also recorded a price increase. In the last 24 hours, the value of WIF increased by more than 3.5%.
At the time of publication, it was trading at $2.73 with a market capitalization of $2.7 billion. AMBCrypto’s analysis of Santient data revealed that things could get even better for WIF.
The funding rate of memecoin had fallen. Prices generally move in the opposite direction to the funding rate, indicating that WIF could post more gains soon.
Realistic or not, here it is The market capitalization of BONK in terms of BTC
However, their open interest decreased. Every time the metric drops, it indicates that the chances of the current price trend changing are high.
Furthermore, sentiment around WIF also remained bearish, as evident from its underweight sentiment.
Next: Why USDT dominates 70% of the stablecoin market
This is an automatic translation of our English version.
