Solana’s memecoin mania: BONK’s surge and what’s next for WIF

• BONK was up by more than 8% in the last 24 hours. 
• WIF’s daily chart was also green, but a few metrics turned bearish.

As the market condition somewhat turned in investors’ favor, Solana [SOL] took the opportunity to push its price up. Though SOL’s 24-hour price action was promising, SOL-based memecoins like BONK stole the show as they registered better growth momentum. 

BONK outshines Solana

According to CoinMarketCap, SOL’s price increased by more than 4.5% in the last 24 hours. At press time, it was trading at $142.24 with a market capitalization of over $63.6 billion.

However, all eyes turned towards BONK as its value increased by more than 8% in the last 24 hours alone. At the time of writing, the SOL-based memecoin was valued at $0.00002581 with a market cap of over $1.68 billion.

The good news is that the memecoin’s trading volume also surged along with its price, acting as a foundation for its bull rally.

It was surprising to see that despite the recent price uptick, BONK’s social volume remained low. Its weighted sentiment also remained in the negative zone, meaning that bearish sentiment around it was dominant.

Source: Santiment

To see whether the memecoin would manage to sustain this price pump, AMBCrypto analyzed its daily chart. The MACD displayed a clear bullish advantage in the market.

Moreover, its Relative Strength Index (RSI) also gained upward momentum, suggesting that the chances of the bull run continuing were high.

Nonetheless, BONK’s price had touched the upper limit of the Bollinger Bands, which was a bearish signal. 

Source: TradingView

AMBCrypto then checked Hyblock Capital’s data to find possible targets that BONK might reach if the bull rally continues.

In the short term, the first possible target seemed to be $0.000028, as liquidation would rise at that level, which can cause a price correction. A breakout above that level might result in the memecoin’s price touching $0.000030.

Source: Hyblock Capital

WIF to follow BONK? 

Dogwifhat [WIF], yet another popular SOL-based meme coin, also registered a price uptick. In the last 24 hours, WIF’s value surged by over 3.5%.

At press time, it was trading at $2.73 with a market cap of $2.7 billion. AMBCrypto’s analysis of Santient’s data revealed that things might get even better for WIF.

The memecoin’s funding rate had dropped. Generally, prices move the other way than the funding rate, indicating that WIF might register more gains soon. 

Realistic or not, here’s BONK’s market cap in BTC’s terms 

However, its open interest declined. Whenever the metric drops, it hints that the chances of the ongoing price trend changing are high.

Additionally, sentiment around WIF also remained bearish, as evident from its low-weighted sentiment.

Source: Santiment