BONK is booming: Will the bull run continue?

Popular memecoin BONK, which is located on the Solana blockchain, has experienced a drop of nearly 30% from its peak.

It has been observed that as Bitcoin loses its upward momentum and money flows into major altcoins, popular memecoins have fallen out of favor these days. Memecoins other than Dogecoin (DOGE) faced heavy profit-taking.

Solana blockchain, which hosted the memecoin super cycle, experienced a loss of interest with the increase in memecoin numbers on Pumpfun. Memecoin investors shifted their assets to major altcoins, thinking that the super cycle had come to an end.

The developments in question also affected BONK, one of Solana's most popular memecoins. BONK lost nearly 30% of its value from its peak on November 20, 2024 (0.00006230 dollars).

AMBCrypto expressed that BONK price will depreciate due to low demand.

BONK analysis

According to on-chain data, whales closed their positions on BONK profitably. The selling pressure led to a decrease in the price of BONK.

According to AMBCrypto's analysis, if the BONK price continues to decline, the support level of $0.000039 may come into play. If this support is lost, a downward trend may begin in the popular memecoin.

The analysis pointed out the critical importance of the $0.00039 support intersecting with the 50-day SMA (Simple Moving Average). According to the analysis, if the BONK price can gain strength from $0.000039, it could test $0.000048.

Indeed, BONK is not seeing demand at levels that could allow it to bounce back from support levels. According to recent data, BONK's trading volume in spot markets and futures has experienced a sharp decline.

AMBCrypto stated that for BONK to sustain its rise, meme coins need to regain dominance.

The analysis included the following statements;

“For a possible price reversal, investors can also monitor critical levels in addition to potential whale entry, which could indicate a possible recovery for BONK.”

This article does not contain any investment advice or recommendation. Every investment and trading activity involves risk and readers should conduct their own research when making decisions.