Solana (SOL) Trader Goes Viral with 4,530x Return: What About BONK?

• After holding WIF for three months, a trader turned $310 to $1.4 million.
• BONK’s price could extend to $0.000026 as the MACD signaled bullish momentum. 
• The AO indicated that WIF’s price could continue climbing despite a previous sell signal.

A trader who bought dogwifhat (WIF) last November has earned a tremendous 4,530x on his holdings. According to Lookonchain, the trader bought 2.58 million WIF tokens with Solana (SOL) worth $310 on November 26, 2023.

As of this writing, WIF’s price was $0.54, jumping by over 42% in the last 24 hours. This means that the 2.58 million WIF tokens were now worth $1.4 million at press time. Despite the rally WIF had, the trader declined to sell. 

Meanwhile, another Solana meme coin Bonk (BONK) recorded a 17.78% jump, pushing the price to $0.00001398.

BONK Price Analysis

Based on the 4-hour chart, BONK seemed poised to continue its rally. A look at the Moving Average Convergence Divergence (MACD) showed that the indicator had a positive reading. Furthermore, the 12 EMA (blue) had crossed above the 26 EMA (orange), signaling an uptrend.

Should this oscillator remain in the positive region, BONK’s price could extend higher. Considering the Fibonacci retracement indicator, signals suggested that BONK could pull back to $0.00001326 (0.618 Fib level)

However, the potential decline might not last long as the 3.618 Fib level was positioned at $0.00002415. In a highly bearish case, BONK might decline toward $0.000012421. But further buying pressure could drive the price above $0.000026. 

WIF Price Analysis

On the 4-hour timeframe, WIF had flipped the resistance at $0.37. Previously, the Supertrend indicator had marked this region as a sell zone. But the increase in buying pressure defied the forecast as WIF climbed to $0.55.

At press time, bulls had held on to the support at $0.31. With this in place, it is unlikely for WIF’s price to tumble toward $0.30. Should traders begin to book profits, the price might fall toward $0.45. However, indications from the Supertrend revealed a buy signal around $0.42.

Therefore, if WIF slides to that point, buying pressure could push it to a higher value. In the meantime, the Awesome Oscillator (AO) showed increasing green bars.

This reflected a solid bullish momentum for the token. Should the AO reading continue to climb, then WIF’s price could rise toward $0.70.