Solana Season? WIF, BONK Eyes Dogecoin, Shiba Inu’s Positions

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Solana Season? WIF, BONK Eyes Dogecoin, Shiba Inu’s Positions
  • WIF and BONK’s recent performance showed that they could be the SHIB and DOGE of this cycle.
  • Although BONK was overbought, the ATR suggested that high volatility could send the price higher.
  • WIF’s short-term momentum could drive the price below $1.70 but it remains bullish in the long term.

Memecoins on the Solana blockchain including Bonk (BONK) and dogwifhat (WIF) have been registering eye-catching records daily as the prices continue to climb. As relatively new cryptocurrencies that came to light over the past year, BONK and WIF mirrored the performances of Dogecoin (DOGE) and Shiba Inu (SHIB) during the 2021 bull market.

In the last 90 days, WIF’s price has increased 10x. BONK, on the other hand, has climbed by an incredible 478%. Within the same timeframe, DOGE’s price increased by 90.51% while SHIB jumped by 204.02%.

The momentum shown by BONK and WIF suggests that they could outperform the top two meme coins in the market. However, SHIB and DOGE’s market cap was far higher than WIF and DOGE.

At press time, DOGE’s market cap was $24.17 billion while SHIB’s was over $16 billion. BONK’s market cap crossed the $2 billion mark but WIF was a little below it at around $1.7 billion. A situation like this suggests that the Solana-based meme coins might still have massive upside potential.

BONK Price Prediction

BONK, as displayed, on the 4-hour chart, continued to hit new highs. At press time, the value of the cryptocurrency was $0.00003232. Before the jump, the Solana-based meme coin encountered resistance at $0.00002678.

However, bulls defended the $0.00002307 support as the price rebounded. Currently, BONK was overbought as the RSI indicated. Typically, this is supposed to trigger a retracement. However, BONK’s price could also extend higher due to signals from the Average True Range (ATR).

At press time, the ATR reading increased, indicating high volatility. However, the high volatility could either trigger a higher price or dump BONK harder. In a highly bullish case, BONK’s price could delete one zero and hit $0.00010. 

BONK/USD 4-Hour Chart (Source: TradingView)

If this is the case, the cryptocurrency could continue to outperform SHIB and DOGE. On the other hand, the price of BONK might nosedive if the capital coming into it moves elsewhere. 

WIF Price Prediction

WIF seems to be losing its bullish momentum as the Awesome Oscillator (AO) displayed high-rising red histogram bars. This AO position suggests that WIF’s price could slide below $1.74.

The Bollinger Bands (BB) indicated high volatility just like the way the ATR showed it with BONK. However, the upper band of the BB tapped WIF around the $1.70 region, indicating that the token was overbought. 

WIF/USD 4-Hour Chart (Source: TradingView)

In this instance, WIF could decline to $1.65. But the long-term outlook for the token remains one to watch out for. If WIF repeats the performance it has had in the last 30 days, it could rise another 10x. Should this be the case, its market cap would close in on that of DOGE and SHIB.

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