As a researcher with extensive experience in cryptocurrency markets and analysis, I find the recent price action of Solana-based meme coins and Solana’s native cryptocurrency SOL quite intriguing. Over the last weekend, we saw yet another instance of pump-and-dump scenarios with BONK and Dogwifhat (WIF), along with Solana’s SOL.
Over the past weekend, I observed an intriguing trend in the Solana ecosystem: meme coins built on the Solana blockchain underwent another instance of pump-and-dump activity, accompanied by significant price fluctuations for Solana’s native cryptocurrency, SOL. Within a span of two days, I noted impressive gains from one such meme coin, BONK. It surged by over 8%, making a valiant attempt to breach the resistance level at $0.000028.
I’ve analyzed the current market situation for BONK, and as of my observation at the press time, the price has declined by 7.71%, now hovering around $0.0000242. The market capitalization is valued at a significant $1.58 billion. Furthermore, there’s been a considerable decrease in daily trading volume, which has dropped nearly 32.5% to reach approximately $273 million.
Examining the weekly graph, BONK has encountered repeated refusals to surpass the $0.000028 resistance mark. Though it tried to push past these thresholds, its efforts were short-lived. The weekend’s price surge notwithstanding, certain on-chain signs suggested bearish tendencies.
The social chatter around BONK was minimal, and the prevailing sentiment expressed through this discourse leaned strongly towards negativity, indicating a predominantly bearish attitude among investors.
Photo: Santiment
- In the near future, the initial potential target appears to be $0.000028, where liquidation is expected to increase, possibly prompting a price correction. Should the price surpass this level, a breakout could lead the meme coin’s price to reach $0.000030.
recently experienced a pump and dip incident, with its price soaring by 3.5% on Sunday only to plummet by an identical percentage, now trading at $2.67 on the Solana blockchain, reminiscent of Dogecoin‘s volatile market behavior.
The decrease in funding rate for the meme coin might signal an upcoming price rise for WIF. Yet, its open interest is currently lower, suggesting a possible change in the present price trend. Additionally, the prevailing attitude towards WIF remains pessimistic, as evidenced by its negative sentiment score.
Solana Price Action
I’ve analyzed Solana’s native cryptocurrency, SOL, and noticed a significant selling pressure causing a weekly drop of 12%. At present, SOL is trading approximately 5% lower than before, at around $135. The price level of $130 serves as a notable support on the downside.
One issue hindering Solana’s (SOL) price surge is the persistent increase in supply. Should this supply pressure decrease, Solana has the potential to reach prices of $200 or more by the end of the year.
As a researcher studying the Solana market, I have observed that for the price to continue its upward trend and reach new heights, it is essential that Solana maintains a price above the psychologically significant level of $150. Should the price of SOL reverse and surpass both the 61.80% Fibonacci resistance level and the notable milestone of $200, this altcoin could potentially set a new 52-week high. With the uptrend gaining momentum, there’s a possibility that Solana’s market value may exceed $500.
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2024-04-29 14:49