Bonk Price Unable To Break Out Of Bearish Range As Demand For Memecoins On Solana Declines

In recent weeks, memecoins on the Solana blockchain were witnessing a significant surge in value, achieving new all-time highs amid listings on various exchanges and a growing purchasing interest. Nevertheless, this trend has largely faded.

Timeline of Bonk1, Solana

The Solana (CRYPTO: SOL) based meme cryptocurrency, Bonk (CRYPTO: BONK), has experienced a resurgence, climbing 30% over the past 24 hours after a decline that followed its year-end rally. What Happened: In the last 24 hours, BONK surpassed the performance of other meme coins such as Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB), and Pepe Coin (CRYPTO: PEPE), which recorded gains ranging from 5% to 11%.

Solana's SOL price experienced a notable setback during the first week of the new year, sliding by 10% to under $100. This decline marked a significant retracement from its recent peak of $115 on January 2.

During the initial week of 2024, the digital currency solana experienced a sharp decline, shedding over 6% in value. This downturn has relegated the crypto asset to the fifth position in market rank, as it oscillates beneath the $100 threshold on Saturday, Jan. 6, 2024.

While these coins have experienced volatility in the past, their future growth remains uncertain. It's essential for investors to stay informed about market trends, news, and any developments related to these cryptocurrencies.

A number of technical analysis (TA) indicators make Solana (SOL) enthusiasts feel optimistic, but major announcements coming might affect SOL's performance. Here's who should be particularly vigilant, and what might be next for SOL's performance in the midterm.

The crypto industry had started the year positively by adding significant value to its valuation. However, the market has experienced a short selling which has resulted in top cryptocurrencies recording correction in their respective portfolio. Further, the BONK price has lost over 10% in the past day, indicating a bear power in the market.

A popular crypto analyst is singling out what he thinks will be “one of the hottest tokens of the year” in 2024. In a new YouTube video, the anonymous host of InvestAnswers tells his 464,000 subscribers to pay attention to when the decentralized exchange (DEX) Jupiter launches a token.

A cryptocurrency has managed to turn just 4 Solana (SOL) tokens into 2,250 SOL woth around $245,000 in just five days to make an impressive gain of over 56,000% after they spotted a meme-inspired cryptocurrency that had just started trading.

Popular crypto analyst Altcoin Sherpa names two altcoins he believes will soon soar to values last reached in 2022. The pseudonymous analyst tells his 204,300 followers on the social media platform X that Stacks (STX) could soon soar beyond its recent high of $1.73, a level it hasn't traded above in nearly two years.

Max Keiser's doom and gloom continue to roll in for altcoins like Solana (SOL). As per the Wall Street veteran and host of the Keiser Report, Solana topped out at $100 and is destined to fall all the way to $20.