Bonk Token Faces Short-Term Decline, But Hope Lies Ahead
Over the last week, Bonk (BONK), a Solana-based meme coin, faced a 14% value drop.Despite its market cap of over $1.436 billion, its price hasn’t kept up with other smaller cryptos and Solana-based memes. Though, technical indicators hint at potential gains next week.
Even though BONK slipped 14% in seven days, it still boasts nearly 60% growth in the past month. Its weekly price chart signals an underlying positive momentum, with the MACD indicator showing bullish signs. The token trades at $0.00001875, with the nearest resistance at $0.00002039.
The daily price chart, however, paints a different picture with a negative outlook. This means a possible correction over the weekend. The RSI and MACD indicators hint at a negative momentum. Traders should monitor these closely for signs of a reversal.
- BONK price slipped 14% recently.
- Weekly chart shows positive momentum.
- Daily chart suggests potential correction.
On-chain data from Santiment shows declining transaction volume and social dominance, indicating a lack of interest among holders. Yet, it doesn’t signal increased selling pressure. Derivatives data from Coinglass shows a large volume of long liquidations, adhering to the recent price decline.
An exciting partnership with a nasdaq-listed firm, DeFi Development Corp., could drive future gains for BONK. This is the first partnership of its kind, expanding validator coverage and reinforcing Solana’s decentralization. As BONK navigates these developments, future growth prospects appear promising.
