As a seasoned analyst with over two decades of market observation under my belt, I find myself cautiously optimistic about the current state of Solana’s meme coin, Bonk (BONK). The $1.8 billion market cap drop within 30 days is indeed eye-catching, and for some, it may present a unique buying opportunity. However, my experience has taught me to tread carefully when the market sentiment remains predominantly bearish.
The market cap of Solana meme coin Bonk (BONK) has dropped by $1.8 billion within the last 30 days. This drawdown came amid the token 34.11% price decrease.
For some, the decline provides a good buying opportunity that the market has not seen in a while. However, this on-chain analysis suggests that accumulating BONK at the current price could be a risky decision.
Bonk Loses Huge Gains to the Market
Market cap is calculated as the product of a cryptocurrency’s circulating supply and its price. On November 20, Bonk’s market cap was $4.35 billion. The meme coin rallied to this value as its price joined the broader market rally to reach $0.000058.
Currently, the market capitalization stands at approximately $2.55 billion, showing a decrease of around $1.80 billion since its high in November. This reduction can be attributed to BONK’s price drop from $0.000058 down to $0.000034.
The drop could also be attributed to the broader invalidation of the altcoin season, which has also affected the price of several meme coins. Should the market condition fail to improve, BONK might also struggle to recoup the gains it has lost.
As an analyst, I’ve noticed another indicator pointing towards potential future drops in BONK’s value: the Weighted Sentiment. This metric takes into account both the volume and the tone of conversations surrounding the cryptocurrency on social media platforms.
When the metric is below zero, it means that bearish discussions are more prevalent on social media. In contrast, when the metric is above zero, there’s a greater amount of bullish talk being shared online.
According to data from Santiment, the meme coin for Solana has been in a downward trend since November 22, and this prolonged bearish attitude could indicate that its value might further decrease under the present circumstances.
BONK Price Prediction: Drawdown Not Over
According to the day’s price data, the value of BONK has fallen beneath the significant support level at $0.000035. Earlier, this area served as a crucial foundation for the token’s surge towards its record high reached in November.
From my perspective as a crypto investor, the current downtrend indicates that the BONK correction isn’t done yet. It seems like the bears are currently in charge, even though trading volume is decreasing. If this trend persists and the bulls stay away from the market, there’s a possibility that the value of this meme coin could dip down to $0.000025.
If the bulls manage to prevent the value from falling below $0.000030, there’s a possibility that the trend will shift. In such a case, BONK might surge up to $0.000042. In an extremely optimistic outlook, the market cap of BONK could potentially reach $4 billion again, pushing its price towards $0.000065.
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2024-12-19 01:05