Coinspeaker
BONK Price Plummets 12.5% Following Inability to Achieve 92% Rally, What Lies Ahead?
The Solana meme coin BONK
BONK
$0.0000
24h volatility:
4.0%
Market cap:
$1.52 B
Vol. 24h:
$741.72 M
has faced considerable selling pressure recently due to the overall market correction, falling from a critical breakout point that could have triggered a substantial 92% rally. Nevertheless, a significant shift in investor sentiment resulted in BONK missing this opportunity, leading to a 12.5% decrease in its price to $0.0000214.
In early September, the Solana meme coin BONK witnessed an uptick in capital inflows as indicated by the Chaikin Money Flow (CMF) indicator. This represented a key bullish sign, indicating that investors were anticipating a price surge for BONK.
However, as BONK approached a breakout above the crucial resistance level of $0.00002400, the Chaikin Money Flow (CMF) indicator began to decline.
With the general crypto market sentiment shifting bearish, investors started to retreat, contributing to BONK’s loss of momentum and its inability to break through the critical resistance level.
Furthermore, the overarching macro sentiment surrounding BONK reveals significant challenges ahead. Recently, BONK’s correlation with Bitcoin
BTC
$61 023
24h volatility:
0.0%
Market cap:
$1.21 T
Vol. 24h:
$42.51 B
has been on the decline, currently resting at 0.48. This low correlation serves as a bearish signal, indicating that BONK is not capitalizing on Bitcoin’s price recovery. Several altcoins with a stronger connection to BTC have already experienced upward movements in September.
With a weak correlation to Bitcoin, BONK lacks the essential market support needed to sustain a rally. This diminishing connection may hinder the meme coin’s capacity to build upward momentum, as it struggles to ascend independently of Bitcoin’s price movements.
BONK Price Trajectory Forecast
For an extended period, the BONK price has been navigating within a descending wedge pattern and was gearing up for a potential breakout. Any chance of breaking above this wedge could have propelled the BONK price higher by 92%, reaching its all-time high of $0.00004800. However, the unsuccessful breakout has dampened such expectations.
If BONK cannot maintain its support at $0.00002153, it may enter a consolidation period above $0.00001732, further delaying any possibility of upward movement. Stronger bullish signals will be crucial for the coin to make another attempt at a rally.
If the larger crypto market reverses its current trend, BONK’s price could potentially see a change in its fortunes. For now, BONK must first achieve a breakout above $0.00002748 while converting this resistance into support. This shift would enable the Solana meme coin to surpass its bearish zone and initiate a rally toward its previous highs.
Alongside BONK, the broader meme coin market is experiencing a significant sell-off, with PEPE
PEPE
$0.0000
24h volatility:
5.4%
Market cap:
$3.80 B
Vol. 24h:
$2.27 B
and WIF
WIF
$2.15
24h volatility:
6.6%
Market cap:
$2.14 B
Vol. 24h:
$1.18 B
also experiencing a similar decline. The true effects of the Fed’s rate cuts and liquidity injection still await confirmation for an altseason to begin.
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BONK Price Plummets 12.5% Following Inability to Achieve 92% Rally, What Lies Ahead?