Bonk Price Prediction as BONK Dumps 10% – Can It Bounce At Key $0.0000125 Support?
Bonk! ($BONK), the third largest meme coin by market cap and a flagship token of the Solana (SOL) ecosystem, dropped close to 10% on Tuesday, as the broader crypto markets succumbed to sell pressure following a promising start.
Solana (SOL), to which Bonk!’s fortunes are closely tied, dropped back to the $107s after pumping as high as $117 earlier in the day as Bitcoin pulled back from new highs for the year near $46,000 that it printed earlier in the day.
Bonk! was last changing hands around $0.0000135, with traders now monitoring whether the Solana-based meme coin will be able to hold above key support in the $0.0000125 area.
$BONK has pulled back more than 60% from its mid-December 2023 highs above $0.000035, though remains around 75x higher versus its October lows under $0.0000002.
Bonk!’s price action over the last few weeks doesn’t give much cause for optimism.
Rallies have continually been sold, and this suggests that it might just be a matter of time until $0.0000125 support is broken and $BONK retests its 50DMA just below $0.000011.
Near-term price predictions may thus remain bearish for now.
But Bonk! bulls shouldn’t completely lose heart yet.
Most analysts agree that the broader crypto market bull run is still in its early stages (having begun just over one year ago), which gives Bonk! plenty of time to make a comeback.
In 2021, meme coins Dogecoin and Shiba Inu reached market caps in the tens of billions.
If this crypto bull run is going to be an even bigger one for meme coins, then Bonk!’s current market of $820 million, according to CoinMarketCap, suggests its remains at a reasonably favorable valuation, and investors could still bag gains in the region of 10 or more x.
On-chain data as presented in a Dune Analytics
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