Bonk (BONK) has dropped by nearly 13% in the past 7 days as some Solana meme coins have experienced strong corrections after producing triple-digit gains.
Trading volumes in the past 24 hours have not been too high and currently sit at $375 million, accounting for just a quarter of BONK’s circulating supply, which is not abnormal for this token.
Despite this retreat, BONK has still produced monthly gains of 60% while some of its peers in the Solana ecosystem, like Pudgy Penguins (PENGU) and dogwifhat (WIF), have more than doubled their price during this same period.
Market sentiment has been deteriorating in the past few days as the market has pulled back from its recent highs.
The Fear and Greed Index has come down from a 30-day peak of 75 to 71. However, this still indicates that the overall attitude of market participants is bullish (Greed) and has not yet reached any extremes.
That said, Bitcoin (BTC) is approaching its all-time highs fast and currently stands at $105,000. If it crosses above the $108,000 level, this could trigger significant FOMO among investors and could catalyze another rally for meme coins like Bonk.
BONK Could Drop Further After Trend Line Break
Looking at Bonk’s daily chart, the price has been rising rapidly since it made a double bottom at $0.00000880.
Technical indicators have improved significantly since then as the 21-day exponential moving average (EMA) crossed above the 50-day EMA while it is now eyeing a ‘golden cross’ with the 200-day EMA as well.
The price jumped above the 200-day EMA for a moment but has retreated below this marker in the past few sessions.
This is the second time that this happens in a relatively short period. This may be the market’s attempt to raise additional liquidity to keep pushing the price higher. However, momentum indicators have already reached an extreme on two occasions and that could be an indication that the rally has entered a phase of exhaustion.
One hint that could confirm this suspicion is BONK’s recent trend line break. The price crossed below the trend line shown in the chart during the weekend and has retested it already.
Although today’s session has been bullish thus far, the daily chart suggests that this retest could lead to a much sharper decline. Hence, this trend line break could anticipate further downside potential ahead for BONK.
The key supports to watch at this point would be the token’s 50-day EMA and the $0.00001640 level.
Although BONK’s prospects may be bearish at the moment, the best crypto presales of 2025 like Solaxy (SOLX) offer significant upside potential to early buyers.
Solaxy (SOLX) Enters Last Stage of Its Presale with Nearly $38M Raised
Solaxy (SOLX) is a layer-two scaling solution that puts an end to Solana’s frustrating congestion issues during peak usage periods.
Back in January when TRUMP and MELANIA were launched, this layer-one blockchain struggled to keep up with rising transaction volumes.
Solaxy fixes this by introducing a side chain where transactions are bundled offline before sending them to the mainnet to alleviate its burden and increase its efficiency.
Since its presale event was launched in December, the project has raised nearly $38 million to build the L2 and has already made significant progress, as it deployed the Solaxy testnet along with a block explorer that investors can check to see how the solution has been performing.
$SOLX is the utility token that powers the L2. Once the solution is embraced by top wallets and exchanges, its price will explode as demand will rapidly increase. In addition, $SOLX offers staking rewards of 106%.
To buy $SOLX at its discounted presale price, head to the Solaxy website and connect your wallet. You can either swap USDT or SOL for this token or use a bank card to make your investment.
