Bonk (BONK) has dropped by 11.5% in the past 24 hours and currently stands at $0.00001759 as the crypto market seems poised to experience a strong correction.
Trading volumes are quite high at the moment and currently account for more than a fifth of BONK’s circulating supply.
Meme coins as a whole are facing a strong pullback today as data from CoinMarketCap shows that the combined market cap of the top 100 assets in this category has gone down by 7.9% in the past 24 hours. Meanwhile, trading volumes have gone up by 20%.
Bonk is currently the top meme coin in the Solana ecosystem with a market cap of $1.4 billion. The token is inspired by a viral meme depicting a Shiba Inu dog hitting another with a bat.
In the past month, Solana meme coins have performed quite well amid the rise of tokens like Fartcoin (FARTCOIN) and Pudgy Penguins (PENGU), whose market value nearly tripled at some point.
This positive performance was primarily the result of a short squeeze as the market’s attitude toward meme coins was quite bearish in early April.
However, after the White House adopted a less aggressive stance on tariff increases, the market recovered and sentiment improved. This triggered a strong rally that blew up a large volume of short positions and propelled tokens like Bonk to their current levels.
Now, the opposite seems to be occurring as market participants have positioned for the continuation of a rally that has already reached technical extremes.
BONK Could Drop to $0.000011 After Trend Line Break
The daily chart shows that BONK has broken its trend line support already and has been dropping since it retested this relevant area just a few days after. For now, the price action seems to be heading to the $0.00001600 level next.
However, a strong sell signal has popped up in the daily chart as the token’s short-term exponential moving averages (EMAs) are about to make a move below the 200-day EMA.
The last time this happened, BONK dropped by nearly 67% in less than two months.
Momentum indicators are bearish as well, as the Relative Strength Index (RSI) is on a downtrend, has dropped below the 14-day moving average, and is currently below 50.
If the token breaks the $0.00001600 barrier, the odds favor an even more drastic decline to the $0.00001100 level in the near term. This is in line with the target provided by the short-term bearish EMA crossover.
Although well-established Solana meme coins may be about to face a strong correction, the best crypto presales like Solaxy (SOLX) may still deliver strong gains as early buyers can buy these tokens at a heavily discounted price before they are listed on exchanges.
Solaxy (SOLX) Gives Investors 15 More Days to Jump In
Solaxy (SOLX) is a layer-two scaling protocol for the Solana blockchain that aims to eliminate the congestion issues that have affected the network during peak usage times.
The developing team has already launched a testnet, a token bridge, and a block explorer for investors to check the performance of the L2 in real time.
Through its presale event, the project has raised the necessary resources to deploy the Solaxy L2. As the solution’s utility token, $SOLX will experience high demand once the protocol is embraced by top wallets and exchanges.
In addition, the project currently offers staking rewards of 95% to investors who are willing to lock in their $SOLX to secure the L2.
With just 15 more days to go before the presale ends, investors still have a chance to scoop up some tokens at their heavily discounted price of 0.00174.
To buy $SOLX, simply head to the Solaxy website and connect your wallet. You can either swap USDT or SOL or use a bank card to make your investment.
