The ever-changing world of meme coins has once again produced one of its mainstays in recent days: the dog-themed BONK. The cryptocurrency has once again started a significant rally, gaining about 34.06% in the past 7 days and 5.30% in the past 24 hours.
At the time of publication, Memecoin is worth $0.00001343.
The recent rally marks a significant change from the trend of the Solana-based meme coin over the past 30 days. In fact, it actually fell by 9.78% during this period, which is still down compared to its price on January 1st, albeit by just 0.67%.
Given the uncertainty of the new uptrend, Finvold turned to AI-driven forecasting algorithms. price prediction As for whether BONK can maintain its momentum by February 29th.
Prediction algorithm determines whether BONK is likely to maintain its rise
The platform’s predictive machine learning algorithms estimate that after a 30% rise, Bonk is unlikely to start falling or continue rising. Instead, the Simple Ledger Protocol (SLP) token, built on the Solana blockchain, operates in a distinctly different way than meme coins and is predicted to enter a period of sustained growth.
This trend is likely to lead to a slow increase to around $0.000014 by February 19, 2024. Moreover, the platform’s algorithm predicts that BONK’s price performance will continue in much the same way until mid-March, at which point the cryptocurrency is likely to approach $0.000015.
Despite its lackluster long-term performance, with only 12 green days out of the past 30 days, the recent gains are decisively bullish on market sentiment for BONK. Similarly, the “Fear & Greed Index,” an index that tracks investor sentiment, also ranks. The current attitude is “greed”.
A price prediction predicting a slow and steady rise for Memecoin may seem strange considering the usual performance of this type of cryptocurrency, but the following technical predictions based on the past 24 hours of trading: This is supported to some extent by analysis (TA).Retrieved from TradingView On February 14th, I ranked BONK as a buy.
However, in true memecoin fashion, technical analysis, which analyzes the cryptocurrency’s performance over the past seven days, paints a completely different picture. Using these parameters, the token is ranked as a “strong sell” overall, the oscillator is “neutral”, but the moving average is taken. It is giving an overwhelming sell signal.
Bonk’s native blockchain makes even bigger moves
Given that meme coins generally make the biggest moves in the cryptocurrency market, SOL, the native token on BONK’s native Solana blockchain, could see an equally big move in 2024 as it has quickly grown into a social and utility token. It is interesting to note that Across the SOL ecosystem.
In fact, after falling at the beginning of the year, SOL started to rise at the same time as BONK, gaining 21.20% over the past seven days. Unlike BONK, it has also been in the green over the past 30 days, rising 19.05% in the period.
At the time of writing, SOL was at $115.22 and after losing its January 2nd level, it has gained 1.13% in the past 24 hours and finally crossed $115.
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