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Meme coins WIF and BONK face significant downturns, with WIF plummeting 52% and BONK down 40% in the past month amidst a broader market slump.
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The price of WIF approaches a critical $1 support level, while BONK teeters on the edge of its lowest value since late 2024, as EMA indicators suggest continuous downward pressure.
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Analyzing the potential for meme coin recovery, it is noted that WIF could surge to $1.99 and BONK to $0.0000398, though both are still exposed to additional declines.
WIF and BONK experience steep declines as Solana’s meme coin market struggles. Both tokens face critical support levels amidst ongoing market pressure.
BONK and WIF Extend Losses as Solana Meme Coins Collapse
The meme coin sector is grappling with a notable downturn, registering a 10.8% loss in the past 24 hours, resulting in a total market cap drop to $90 billion.
Solana meme coins have been particularly affected. All the top nine tokens on the Solana blockchain have experienced losses over recent days, intensifying investor caution.
As highlighted, BONK has faced a substantial decline of 40% while WIF has endured a 52% drop over just 30 days. Despite these setbacks, both remain among the largest meme coins on Solana, with BONK positioned second with approximately $1.6 billion in market capitalization, closely followed by WIF at $1 billion.
Nevertheless, since its debut, the TRUMP token has eclipsed both WIF and BONK to become the leading meme coin within the Solana ecosystem.
dogwifhat Price Prediction: Will WIF Continue Going Down?
Currently trading near the critical $1 level, WIF has failed to overcome the $1.37 resistance, indicating persistent bearish momentum. The EMA indicators suggest a continued downtrend.
If this bearish trend persists, WIF could approach the $0.97 support, with a breakdown potentially pushing prices below $0.90.
A revival in meme coin interest could provide WIF with the impetus it needs to regain momentum, with potential gains first aimed at $1.22. A breakthrough at this point could pave the way for a rise to $1.37, and if that resistance is cleared, a significant rally to $1.64 or even $1.99 could ensue, equating to a potential 91% gain.
Bonk Price Prediction: Will BONK Reach Its Lowest Levels Since November 2024?
The downtrend in BONK closely mirrors WIF’s, supported by EMA lines indicating continued selling pressure. Current price movements suggest that if this trend continues, BONK might soon test the $0.0000199 level, with serious risks of plummeting to $0.000017, marking its lowest valuation since early November 2024.
However, a reversal in market sentiment could see BONK pushing against the $0.0000225 resistance. Successfully clearing this could lead to a rise toward $0.000028, and with enhanced bullish momentum, BONK might eventually approach $0.0000398, indicating a robust recovery potential.
Conclusion
In summary, both WIF and BONK are currently navigating challenging market conditions, with both tokens under significant pressure and near critical support levels. The potential for recovery exists, hinging on broader market improvements. Vigilant monitoring of market trends and price movements is essential for investors in this volatile segment of the cryptocurrency landscape.
