The Bonk price has risen by almost 1% today, reaching $0.00003187 as the wider crypto market drops by 0.5% in the past 24 hours.
BONK is now up by 31% in a week and by 54% in a month, with the Solana-based meme token also up by a whopping 7,900% in a year.
And these gains come at a time when prominent trader TheCryptoDog has suggested that attention is turning to BONK, presaging a possible rally in the near future.
Bonk Price Prediction as Millionaire Trader TheCryptoDog Says BONK is About to Rally – Time to Buy?
Bonk is showing some signs of a minor correction after the surging of the past couple of days, with its indicators reflecting a dip in momentum.
In particular, its RSI (purple) has declined from 85 on Sunday/Monday almost 50 today, with the coin having plenty of room to slip further before becoming decidedly oversold.
Source: TradingView
Having said that, its other indicators don’t seem too bad, with its 30-day average (orange) still rising steadily beyond the 200-day average (blue), even if it isn’t rising quite as steeply today.
What’s particularly positive is that BONK’s volume remains high at just over $800 million, up from $180 million only a few days ago.
Also bullish are BONK’s resistance (red) and support (green) levels, which are both rising in parallel, suggesting that the coin will trade within a consistently rising band.
Much of the coin’s increased volume has come from renewed interest from whales, as recent data indicates.
A whale is selling 1.7M $WIF($4.4M) at a loss to buy $tremp and $BONK after the $WIF price dropped.
Which caused the price of $tremp and $BONK to increase.
The whale spent 25,682 $SOL($5M) to buy 1.7M $WIF at $2.94 on Mar 17.
After the $WIF price dropped, he started selling… pic.twitter.com/Ad8mdvLc50
— Lookonchain (@lookonchain) May 19, 2024
Such interest could continue for a while yet, with the wider market looking as though it’s entering a new bull phase.
This is largely because the SEC looks ready to approve several spot-based Ethereum ETFs, with the deadline for a batch coming tomorrow.
While any approval will not directly affect BONK, it will at least boost market-wide bullishness, thereby helping the Bonk price.
And for some traders, BONK looks likelier than many other meme tokens to rally in the very near future.
This is the opinion of TheCryptoDog, for instance, who has recently posted on X that the coin seems to be attracting more interest than many of its rivals.
Saw some talk of attention shift to $BONK. Emissions over, lost focus from recent meme runners needs somewhere to go, this one is on Coinbase.
Am I reading into that right?
— The Crypto Dog (@TheCryptoDog) May 19, 2024
As such, we may see the Bonk price reach $0.000035 in the next few weeks, before potentially returning to its ATH of $0.00004547 by Q4.
New Meme Tokens Could Bring Bigger Rallies
Bonk does look ready to surge in the near future, yet it’s not the only Solana-based meme token with good potential right now.
There are also a range of presale tokens that are gaining hype and momentum, with some of these likely to perform very well once they list.
A prime candidate is Sealana (SEAL), a new meme coin that has raised just over $2.3 million in its increasingly popular sale.
Y’all listen up!
When #Sealana said “MAKE AMERICA GREAT AGAIN”, he meant we gotta finish buildin’ that god darn wall!
Creatin’ a land of prosperity where all American $SEALS can shoot guns, drink drive, and leave the trailer park behind!
Join the #Presale, bag some… pic.twitter.com/GldZlorvvB
— Sealana (@Sealana_Token) May 17, 2024
Aiming to follow in the footsteps of BONK, WIF and other out-performing Solana-based meme coins, SEAL is already attracting a sizeable following online.
This is partly thanks to its meme stylings, with the token adopting a gun-toting yet amiable seal as its anthropomorphic mascot.
One interesting feature of Sealana is that it will actually be a multi-chain meme coin, with an Ethereum version of the token already live.
Given the early success of its presale, it’s likely to enjoy a big listing once it launches in the next few weeks.
In the meantime, investors can still buy it via its presale by going to the official Sealana website.
It’s available at a conversion rate 1 SOL for 6,900 SEAL, which is roughly worth $0.026 per token.
It may quickly supersede such a price once it goes live, potentially turning itself into a rival of BONK and other SOL-based coins.
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