The Bonk price has crept up by 0.7% in the past 24 hours, reaching $0.00002312 while the market as a whole posts a 2.5% gain today.
This move doesn’t do enough to clear BONK’s 16% loss in a week, although the Solana-based meme token remains up by 35% in the last 30 days.
Even more impressively, the coin has also gained by a whopping 5,400% in the past year, making it one of the best-performing top-100 tokens over this period.
And with BONK still in oversold territory for the past week, it could rally again very soon.
Bonk Price Prediction as Meme Coins Bounce After Sell-Off – Is Now the Time to Buy?
BONK’s chart is showing signs of recovery, and what’s particularly bullish is that this recovery has only just begun, meaning that more gains are in store in the near term.
Its 30-day average (orange) has only just begun rising again for example, meaning that the coin’s price has plenty of time left to rise before the 30-day overtakes the 200-day (blue) and rises significantly above.
Source: TradingView
At the same time, BONK’s relative strength index (purple) has risen from just under 30 very early this morning to around 60 as of writing, signaling a strong surge in buying pressure and momentum.
Such momentum should carry the meme token for several more days yet, with the coin’s volume only just beginning to recover.
Also bullish is the fact that the coin’s resistance (red) and support (green) levels are honing in on each other, implying that the price is likely to be squeezed suddenly in either direction.
Given that BONK has spent more than a week declining, it’s likelier that a big move will be more towards higher levels.
This is the current price of $BONK.
When I look back on this tweet a year from now, I am going to slap myself so hard for not buying more. pic.twitter.com/LzOzG2uF5j
— gnarleyquinn (@gnarleysol) May 10, 2024
BONK is likely to rise in step with the wider market, which after a difficult couple of months (relative to the highs of early March) is looking ready to return to growth.
Such growth will speed up once financial markets gain a strong suspicion that the Fed will cut interest rates, which have so far remained at high levels this year.
More generally, Bonk’s particular situation looks good insofar as it’s a rare example of a deflationary meme token, with its developers famously burning their entire allocation – some 5 trillion tokens – back in January 2023.
Based on its tokenomics and general momentum, we can expect the Bonk price to reach $0.000030 by the end of the summer.
Big Gains with New Meme Tokens
BONK is likely to remain one of the best-performing major meme coins for the foreseeable future, yet it may not be one of the best-performing if you also include newer coins.
Certain new meme tokens have appeared in the past few weeks, including a wide variety of presale tokens that have been gaining plenty of momentum as they get ready to list.
One of the best of these is Sealana (SEAL), a Solana-based meme coin which has raised just more than $500,000 in its increasingly popular token offering.
Hey, y’all!
We heard some of you are having some troubles buying $SEAL So, to make it easier for some of you lizard skin liberals, we’re making $SEAL #MultiChain allowing ya’ll to buy on #Ethereum! So grab a cold one, sit down and we’ll tell ya’ll how to fill your truck… pic.twitter.com/3dsuUScSbw
— Sealana (@Sealana_Token) May 9, 2024
That SEAL’s presale has crossed the $500,000 barrier is highly encouraging, with the offering having been open for only a few weeks.
Investors are clearly interested in the possibility that it could become the latest Solana meme token to outperform much of the market once it lists, following in the footsteps of BONK and WIF.
Also bullish is the fact that it will now be a multi-chain meme coin, with the token also launching an ERC-20 version.
Interested parties can join in by going to the official Sealana website, where they can send SOL to the following address: DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c.
SEAL is available at an exchange rate of 1 SOL for 6,900 SEAL, which roughly equals $0.021.
This is likely to prove a bargain, at least when judging by other meme token launches this year.
And with its quirky meme mascot and memorable marketing, SEAL looks ready to take its place among the more successful launches.
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