Bonk (BONK) experiences a 12% drop in trading value as Solana (SOL) retraces its recent gains.
1. Solana's Retreat
Solana's (SOL) recent surge falters, causing a 12% dip in Bonk (BONK) prices.
2. Analyst's Warning
Analyst predicts a potential "slow bleed before nuke," indicating a possible acceleration in the downward trend.
3. Profit-Taking Impact
Increased profit-taking deals on Solana contribute to a 12% decline in Meme coin Bonk (BONK) within 24 hours.
4. Solana Ecosystem Affected
As cryptocurrency liquidations surpass $20 million, including $12 million in long positions, the pullback reflects on Solana ecosystem tokens like Bonk, Orca, and Jito.
5. Bonk's Rollercoaster Ride
Bonk's value surged over 10x with major exchange listings but now faces a downturn amid Solana's retracement.
6. BONK's Market Standing
Despite being the third-largest by market cap at over $958 million, another dip could threaten BONK's status quo, with CorgiAI emerging as a contender.
7. CorgiAI's Challenge
CorgiAI, with a market cap of $769 million and an 80% increase in the past week, poses a potential challenge to BONK's market position.
8. Recent Performance
BONK shows a remarkable 59% increase in the last two weeks and a staggering 350% rise in the past month. However, it has lost over half its value since reaching an all-time high on December 15.
9. Nebraskagooner's Analysis
Crypto analyst Nebraskagooner warns of a possible "slow bleed" for BONK before a potential market downturn.
10. Ongoing Uncertainty
Nebraskagooner emphasizes the importance of holding the base of the breakout candle, suggesting ongoing uncertainty in BONK's future performance.
Despite recent gains, BONK faces challenges as Solana retreats, with analysts warning of a potential downward trend. Investors are advised to monitor the situation closely.