Bonk Price Continues to Fall, Traders Backing New Solana Meme Coin Alternative

As the crypto market jousts with strong selling pressure, Bonk has fared worse for wear, retracing by 7% today.

However, analysts are bullish on Sealana, a newly launched Solana presale which has recently surpassed the $250K total raised mark.

BONK Price Dips But Analysts Remain Optimistic On Longer-Term Outlook

Despite Bonk struggling today, traders anticipate that its higher time frame trajectory remains bullish.

Bonk is currently trading at $0.00002507, down 7% today, up 2.9% this week, and 8% this month.

It holds a $1.6 billion market cap and a $335 million 24-hour trading volume.

Trader Koz provided a higher time frame analysis of Bonk’s price action, illustrating that it recently reclaimed a key support/resistance level, laying the way for further upside.

The analyst described Bonk as having “One of the best-looking charts out there.”

Meanwhile, WebTrend Analytics speculates that Solana’s second-largest meme could be gearing up for a move toward $0.00005 in the coming weeks.

“BONK’s 4-hour chart exactly mirrors the previous local blow-off top. This is the craziest repeated pattern we have ever seen.“

They continued, “RSI, WSI, and price action are all exact matches. Compared to previous price action, it suggests we are moments away from another blow-off top.”

Meanwhile, commentator Gnarleyquinn expects Bonk to outperform Solana’s leading meme coin, Dogwifhat, looking ahead.

“WIF is the only Solana-based meme coin that has consistently outperformed BONK in 2024. I’m wondering if we’ve now seen the peak pair trade level. The top coincided with the Vegas Sphere,” the analyst wrote.

Granleyquinn then noted, “My thesis has always been that $BONK will outperform all in the long run.”

That said, other traders are exercising more caution in their Bonk predictions. While CryptoChed agrees that Bonk retains upside potential, he also underlines the significance of its price structure, noting that a retracement toward its range low of $0.000021 would be bearish.

“Bonk has been strong off the lows and is at local range high. A shallow pullback or breakout is preferable from here. However, retracing back to the range low would be a tough look,” the analyst explained.

Nevertheless, the broader Solana ecosystem continues to show strength today, and analysts tip Sealana as the next project that could explode.

New SOL Meme Coin to Watch: Can Sealana Continue After Raising $250K at Presale?

Sealana, a hilarious seal-themed meme coin inspired by the foul-mouthed cartoon South Park, has entered the market with a bang.

It is currently undergoing a presale and has raised over $250K in its opening days. This has caught the attention of leading market analysts and tier-one media outlets.

In a recent YouTube video, ClayBro speculated Sealana holds 10x potential and that it is “the latest Solana meme coin set to rally.”

However, ClayBro is not the only high-profile figure praising the new presale sensation. Despite its early stage, media juggernauts like Watcher Guru, Coinpedia, and CoinGape have all featured the project.

While its playful memetic allure has undoubtedly struck a chord with market participants, rumors that the Slerf team launched Sealana are another reason for its early success.

Slerf peaked at over a $450 million market cap in March and even eclipsed Ethereum in on-chain trading volume. As such, it would be overwhelmingly bullish if the whispers prove true.

Sealana swapped out his sea-dwelling lifestyle to pursue meme coin riches, driven by dreams of Lambos and outrageous gains.

The Sealana presale is ongoing, but the team has not announced a predetermined hard cap. This means that potential buyers must act quickly to avoid missing out.

Visit Sealana Presale

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

The post Bonk Price Continues to Fall, Traders Backing New Solana Meme Coin Alternative appeared first on CryptoPotato.