BONK ($BONK) has indeed hit new all-time highs (ATHs) in the past, but experienced traders in the market are now turning their attention to newer alternatives, concerned about the potential downside risks that the market may face. The latest news about BONK is that as one of the meme coins in the Solana ecosystem, it has experienced an extremely active 2024. The meme token once hit an all-time high of $0.00004804, an astonishing increase of about 4491.23% compared to the previous year. At the same time, its daily trading volume also soared to the billion-dollar level, which is undoubtedly an impressive achievement.

BONK's market value once approached $2 billion, but has since retreated slightly and is currently trading at around $0.00002558. Although the project as a whole has shown a strong upward momentum with a weekly growth rate of an astonishing 40%, people are still cautious about whether it can continue to climb higher, especially to reach the impressive $1 threshold.

Regarding the BONK price prediction for 2024 and beyond, despite the bullish sentiment in the market in the short term, most of the latest technical indicators now point to neutral or sell positions, which indicates that the price may not rise significantly in the foreseeable future. In particular, the relative strength index (RSI) of BONK coin has reached 70, entering the overbought area, suggesting that the price may be adjusted. At the same time, both the daily moving average convergence divergence (MACD) and RSI indicators show that buying activity may decrease and the price may adjust.

In addition, both the 14-day RSI and STOCH (9,6) show signs of oversold, which may mean that the price has reached a recent high and may soon see a correction. These analyses are all based on the news background of the recent surge in the value of BONK caused by whale buying activities.

As for whether BONK has the potential to reach $1, the current assessment believes that this is very unlikely. To achieve this goal, the price of BONK coin needs to increase by more than 42 million times, which will bring its market value to more than $93 trillion, far exceeding the estimated total wealth of the world. Therefore, considering the current market conditions and indicators, although BONK coin has the potential to rise, reaching the $1 level seems out of reach.

A more realistic price target could be $0.0001, which would give BONK a market valuation of $9.35 billion, an increase of about $4.24 times. To achieve this goal, BONK currency still needs to benefit from a favorable market environment, high market acceptance and the promotion of innovative technologies.

This Friday, we will lead the members of the 10,000-person fan group to conduct a layout of the 100-fold coin project. You can choose not to participate, but you must witness the birth of the 100-fold coin.