Solana's BONK and WIF Meme Token Prices Fluctuate Wildly

Solana and its ecosystem's meme coins, BONK and WIF, experienced a pump-and-dump scenario, losing weekend gains rapidly. BONK's price dropped 7.71%, while WIF declined 3.5%, despite initial upward momentum. Solana's native currency, SOL, also faced selling pressure, falling 5% to $135 due to increased supply pressure.

Solana and Its Ecosystem's Meme Coins Experience Volatility, BONK and WIF Witness Price Fluctuations

The cryptocurrency market continues to exhibit volatility, and Solana's native token SOL and its associated meme coins are no exception. BONK and WIF, two notable Solana-based meme coins, have recently experienced a pump-and-dump scenario, leading to significant price fluctuations over the weekend.

BONK's Price Surge and Subsequent Decline

BONK, a popular Solana-based meme coin, witnessed a notable surge in price over the weekend, climbing by more than 8% and attempting to break above $0.000028. However, this upward momentum proved short-lived, with BONK's price currently trading at $0.0000242, representing a 7.71% decline from its peak. The market capitalization of BONK stands at approximately $1.58 billion, while its daily trading volume has dropped by 32.5%, down to $273 million.

An examination of BONK's weekly chart reveals multiple failed attempts to break above the $0.000028 resistance level. Despite the recent price pump, bearish indicators have emerged, suggesting a potential price correction. Notably, BONK's social volume has remained low, and its weighted sentiment has shifted into negative territory, indicating a prevailing bearish sentiment among investors.

Dogwifhat (WIF) Follows Similar Trajectory

Another Solana-based meme coin, Dogwifhat (WIF), has also faced a pump-and-dump scenario. After experiencing a 3.5% gain on Sunday, WIF's price has since declined by 3.5%, currently trading at $2.67. The funding rate for WIF has decreased, which typically suggests an impending price increase. However, a simultaneous decline in open interest points to a potential shift in the current price trend. Additionally, WIF's weighted sentiment remains bearish, further dampening the outlook for its immediate price action.

Solana's Price Action and Rally Potential

Solana's native cryptocurrency SOL has also been under selling pressure, with its weekly chart showing a 12% decline in price. As of press time, SOL trades at $135, down 5% from its previous level. $130 remains a significant support level for SOL, providing a potential cushion against further price declines.

A key factor limiting SOL's price rally has been the persistent supply pressure. The easing of this pressure could pave the way for SOL to begin a rally towards $200 and potentially beyond by the year-end. However, for this rally to materialize, SOL must maintain its price above the psychological mark of $150.

Should SOL reverse its current trajectory and surpass both the 61.80% Fibonacci level and the significant milestone of $200, it could set the stage for a new 52-week high. With the uptrend gaining momentum, there is the potential for Solana's market capitalization to exceed $500.

Conclusion

The Solana ecosystem, including its native token SOL and meme coins like BONK and WIF, remains volatile. BONK has experienced a recent price spike followed by a subsequent decline, while WIF has followed a similar trajectory. SOL's price action has been under selling pressure, but a potential rally is on the horizon if the supply pressure eases. Investors and traders are advised to exercise caution and conduct thorough research before making any investment decisions in these volatile crypto assets.