- BONK’s rising momentum could help the token retest $0.000012.
- WIF climbed to $0.32 and could rise to $0.40 if buying pressure increases.
- Buyers refrained from accumulating ANALOS, as the price continued to drop.
The underwhelming state of the market has not only spread in Bitcoin’s (BTC) and altcoins directions but also reached meme coins. Meme coins, especially those built on the Solana (SOL) blockchain, have been feeling the heat.
An assessment of CoinMarketCap’s data showed that the top three Solana memes, including Bonk (BONK), dogwifhat (WIF), and analoS (ANALOS), experienced notable drawdowns.
Bonk (BONK)
At press time, BONK’s price was $0.00001102, indicating that its value had dropped by 20.70% in the last seven days. Last year, BONK was one of the best-performing tokens, as its all-time performance jumped 9,857%.
From the 4-hour BONK/USD chart, the price has kept descending. Also, the chart showed that the $0.00001565 next was a major point of interest for the token.
For BONK to retest that price, it would take more than mild buying pressure. First, bulls have to rise and defend the $0.00001129 support. If maintained, then the price might recover.
Meanwhile, signals from the RSI showed that BONK could hit $0.000012 soon. This was because the indicator had risen to 48.21, suggesting renewed bullish momentum.
If this momentum leads BONK to $0.00001129 and it does not get rejected, the price might continue to fly. However, if the opportunity happens, BONK could fall back $0.00001093
Dogwifhat (WIF)
Unlike BONK, WIF seemed to be in recovery mode. The 4-hour chart showed that bulls had capitalized on sellers’ exhaustion at $0.21. This helped the token price flip the resistance at $0.28 while climbing to $0.32.
As a result, WIF’s slide in the last seven days was minimal. Furthermore, the Bollinger Bands (BB) showed that volatility around the cryptocurrency had begun to increase. In a case where the buying pressure increases, WIF’s price could rise as high as $0.40.
Also, indications from the Awesome Oscillator (AO) supported the potential. At press time, the AO was -0.026. But with green bar dominance, the AO could help WIF’s upward momentum increase.
Analos (ANALOS)
ANALOS’s decline was much worse than that of BONK and WIF. As of this writing, the token was 93.85% down from its all-time high. This suggests that buyers were no longer interested in the cryptocurrency, and its market cap position had fallen to number 914.
From the technical outlook, the MACD was negative, meaning that ANALOS’ momentum was bearish. But there were some signs that the price could rise higher than $0.0001360.
If it does, the jump might not be significant due to the indications shown by the Accumulation/Distribution (A/D). At press time, the A/D was down to -10.10 billion.
This implies that little to no accumulation has taken place recently. So, unlike BONK and WIF, ANALOS has only a little chance of revival.
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