BONK crashes: Will the uptrend continue?

The popular memecoin $BONK on the Solana blockchain has fallen nearly 30 percent from its peak.

In these days when Bitcoin has lost its upward momentum and money has flowed into major altcoins, popular memecoins have fallen out of favor. Memecoins other than #Dogecoin ($DOGE ) have faced significant profit-taking.

The Solana blockchain, which hosted the memecoin supercycle, has lost interest as the number of memecoins on Pumpfun has increased. Memecoin investors have shifted their assets to major altcoins, thinking that the supercycle has ended.

These developments have also affected BONK, one of Solana's most popular memecoins. $BONK has lost nearly 30 percent of its value from its peak ($0.00006230) reached on November 20, 2024.

AMBCrypto stated that the BONK price will lose value due to low demand. According to on-chain data, whales closed their transactions on BONK profitably. Selling pressure led to a decrease in the BONK price.

According to AMBCrypto's analysis, if the BONK price continues to decline, the $ 0.000039 support may work. If this support is lost, a downtrend may begin in the popular memecoin.

The analysis stated that the $ 0.00039 support intersecting with the 50-day SMA (Simple Moving Average) is of critical importance. According to the analysis, if the #BONK price can gain strength from $ 0.000039, it can test $ 0.000048.

In fact, BONK does not see enough demand to bounce back from support levels. According to the latest data, BONK's trading rate in spot markets and futures has experienced a sharp decrease.

AMBCrypto stated that memecoins need to re-establish dominance for #BONK to continue its rise.

The analysis included the following statements; “For a possible price reversal, investors can monitor critical levels as well as potential whale entry, which could indicate a possible recovery for BONK.”