Solana’s memecoin mania: BONK’s surge and what’s next for WIF

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    BONK was up by more than 8% in the last 24 hours. 
    WIF’s daily chart was also green, but a few metrics turned bearish.

As the market situation improved, Solana (SOL) seized the opportunity to boost its price. While SOL’s 24-hour price action was encouraging, memecoins like BONK drew more attention due to their better growth momentum.

With market conditions becoming more advantageous for investors, Solana (SOL) seized the moment to boost its price. While SOL displayed encouraging 24-hour price trends, memecoins based on Solana, such as BONK, generated even stronger growth impetus and gained significant attention.

BONK outshines Solana

As a crypto investor, I’ve observed an impressive surge in Solana (SOL) prices over the past day, according to CoinMarketCap’s data. The coin is currently trading at around $142.24, reflecting a robust increase of over 4.5%. Additionally, its market capitalization has exceeded $63.6 billion at the present moment.

Looking in BONK’s direction, observers were drawn as its worth climbed by more than 8% within the past 24 hours. At the moment of penning this down, the SOL-backed meme token was tagged at $0.00002581 and boasted a market capitalization surpassing $1.68 billion.

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The rise in trading activity for the memecoin, reflected in its increased volume, served as a solid base for its price surge, fueling its bull market.

Despite the recent increase in BONK’s pricing, its social media activity and sentiment remained subdued. Negative opinions outweighed positive ones, indicating a predominantly bearish outlook towards the asset.

An analysis by AMBCrypto was conducted on the daily chart of the memecoin to determine if it could maintain its current price surge. The MACD indicator suggested a strong bullish trend in the market.

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Additionally, the stock’s Relative Strength Index (RSI) has been trending upwards, indicating a strong possibility that the bull market will persist further.

Despite reaching the maximum point within the Bollinger Bands for BONK, this represented a potential warning sign of downward price movement.

After examining Hyblock Capital’s information, AMBCrypto identified potential milestones that the BONK token could potentially hit during a continued bull market.

As an analyst, I’ve identified a short-term target for this memecoin. Initially, we may see resistance at around $0.000028 due to potential liquidation, which could trigger a correction in the price. However, if the coin manages to break above this level, we might witness a further rise towards $0.000030.

WIF to follow BONK? 

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The meme coin Dog With It (WIF), which is built on the Solana blockchain and frequently used in internet culture, experienced a price increase of more than 3.5% within the past 24 hours.

As of the latest news update, the stock was priced at $2.73 and had a market value of approximately $2.7 billion. According to AMBCrypto’s assessment of Sanctient’s figures, there is potential for further improvement in WIF‘s situation.

The funding rate for the memecoin has decreased. Typically, the price trend goes against the funding rate’s direction, suggesting potential increases in the value of WIF in the near future.

Realistic or not, here’s BONK’s market cap in BTC’s terms 

When the open interest decreases, it indicates that the probability of a shift in the current price trend is increased.

As a data analyst, I’ve observed that the sentiment towards WIF (Weighted Average Index Fund) continued to be negative based on the low-weighted sentiment measurement.

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2024-04-29 10:15