Bittime -Even though the crypto market as a whole is experiencing a correction, some tokens are bucking the trend. meme coins BONK and Dogwifhat (WIF) took center stage by occupying two of the five best-performing tokens among the top 100 coins by market capitalization.
BONK Surges Driven by Burning Tokens
BONK, a dog-themed meme coin that launched on the Solana blockchain on December 25, 2022, saw its price increase by 13.5% in the last 24 hours. BONK price jumped from $0.000021 to $0.000026, touching a daily record at $0.000028 before dropping slightly to the current price.
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This price increase occurred after Bonk DAO approved a proposal to burn more than 278 billion BONK tokens, with a total value of more than $6.2 million. Community voting showed 99.9% support for the proposal. Token burning is usually considered a bullish event because it reduces liquidity and makes tokens scarcer.
BONK Technical Analysis Shows Bullish Trend
Judging from technical analysis, BONK looks bullish even though it is not strong enough to be recommended as an investment with large profit potential. BONK price is in a recovery phase, with the 10-day and 55-day exponential moving averages (EMA) showing a golden cross pattern, which generally confirms bullish sentiment.
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The Squeeze Momentum Indicator shows a strong bullish impulse, which is also confirmed by the high Average Directional Movement Indicator. This indicates that the current bullish movement is strong enough to be predicted to continue into the next price increase.
In an optimistic scenario, if BONK can maintain its momentum, the price could again test resistance around $0.000028, with the next target at $0.000037. However, the pessimistic scenario projects a post-hype correction that could take the token price to $0.000020, a clear support area and also the meeting point between EMA10 and EMA55.
WIF also surges, but without special news
On the other hand, WIF, another prominent Solana-based meme coin launched in November 2023, surged nearly 8.5% in the last 24 hours. Unlike BONK, WIF's price increase appears to be driven purely by price movements with no major news or announcements behind it. WIF price rose from $3.05 to a daily high of $3.54 before dropping back to its current price of $3.21.
Overall, Dogwifhat looks bullish despite a 50% correction in early April. The gap between EMA10 and EMA55 is widening, which means the price is moving faster as time goes by. The Squeeze Momentum indicator shows a trend reversal, where traders return to buying tokens after a price correction.
For WIF, if the price manages to break its daily high, confirming bullish sentiment, the next bullish target could be in the zone between $4.20 and the ATH (All Time High) at $4.80 (green zone). However, if it fails to maintain the momentum, WIF price may test support around EMA55 at $2.60 (red zone).
How to Buy Solana (SOL) on Bittime
You can buy and sell Solana (SOL) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Solana (SOL) is available on Bittime with the market pair SOL/IDR . To be able to buy SOL/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete guide on how to buy Solana (SOL) on Bittime .
Monitor price chart movements for Solana (SOL) , Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
What is a Solana Virtual Machine (SVM)? Understanding the Core Technology Behind Solana
Choose WIF (DogwifHat) or Dogecoin (DOGE)? When WIF Reaches 4$ Market Cap
Claim Free BONK (BONK) Airdrop: Complete and Safe Guide Withdraw to Wallet
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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