© Reuters. Solana’s Own Meme Coin, Up 5700% This Year, Is ‘Heading Into A Correction Period:’ Crypto Analyst
Benzinga – The meme coin associated with Solana, BONK (CRYPTO: BONK), has experienced an ascent, racking up gains of 5700% since the start of the year, dwarfing the performances of top meme cryptocurrencies like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) — which rose by 37% and 19%, respectively.
What Happened: Despite this meteoric rise, Ali, a crypto analyst, warned that BONK could head into a correction period.
The analyst said on X, “Flashback to just before $BONK’s 8,422.58% bull run – the TD Sequential indicator had presented a buy signal on the weekly chart! Now, the same indicator is showing a sell signal. This suggests BONK might be heading into a correction period lasting one to four weeks.”
Flashback to just before $BONK’s 8,422.58% bull run – the TD Sequential indicator had presented a buy signal on the weekly chart!
Now, the same indicator is showing a sell signal. This suggests #BONK might be heading into a correction period lasting one to four weeks. pic.twitter.com/qjEHO9ss0o
— Ali (@ali_charts) December 11, 2023
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: As BONK soared last week, it hit an all-time high at $0.000011. Adding to BONK’s momentum, cryptocurrency exchange KuCoin has launched the BONK/USDT trading pair.
Price Action: At the time of writing, BONK was trading at $0.000011, down 3.21% in the last 24 hours, according to Benzinga Pro.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
