The every-shifting world of meme coins has, in the last few days, again brought forth one of its mainstays – the dog-themed Bonk (BONK). The cryptocurrency has again entered into a significant rally and is up approximately 34.06% in the last 7 days and 5.30% in the last 24 hours.
At the time of publication, the meme coin stands at $0.00001343.
The most recent rally marks a significant shift from the Solana-based meme coin’s trend in the last 30 days. Indeed, it actually declined 9.78% in the period and is also down compared to its January 1 price – albeit a mere 0.67%.
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Given the uncertainty of the new uptrend, Finbold decided to consult the AI-driven predictive algorithms of PricePredictions on whether BONK is likely to maintain its momentum by February 29.
Predictive algorithms determine if BONK is likely to sustain its rally
The predictive machine-learning algorithms of the platform estimate that, after its 30% rally, Bonk is neither likely to start declining nor to continue surging. Instead, the Simple Ledger Protocol (SLP) token built on the Solana blockchain is forecast to behave in a decidedly non-meme-coin-like fashion and enter into a period of sustained growth.
This trend will likely see it slowly climb to approximately $0.000014 by February 19, 2024. Furthermore, the platform’s algorithms forecast that BONK’s price performance will continue in much the same way until mid-March, when the cryptocurrency is likely to come close to $0.000015.
The most recent rally turned market sentiment for BONK decisively bullish, despite its longer-term performance being lackluster with a mere 12 green days out of the last 30. Similarly, the “Fear & Greed Index” – the index that tracks investor sentiment – ranks the current attitude as “greed.”
While the price prediction forecasting a slow and steady rise for the meme coin might appear odd given how this type of cryptocurrency typically performs, it is, to an extent, backed by technical analysis (TA) based on the last 24 hours of trading, as retrieved from TradingView on February 14 which ranks BONK as a buy.
In true meme coin fashion, however, technical analysis that takes the cryptocurrency’s performance in the last 7 days paints a very different picture – with these parameters, the token is overall ranked as a “strong sell” with oscillators being “neutral” but moving averages overwhelmingly giving sell signals.
Bonk’s native blockchain making even greater moves
Given that meme coins generally offer the biggest moves in the crypto market, it is interesting to note that SOL, the native token of BONK’s native Solana blockchain, has been making similarly major moves in 2024 as it quickly grew to be a social and utility token across the SOL ecosystem.
Indeed, after declining at the very start of the year, SOL entered into a rally at a similar moment as BONK and is, in the last 7 days, up 21.20%. Unlike BONK, it is also in the green in the last 30 days – it rose 19.05% in the timeframe.
At press time, SOL stands at $115.22 with its 1.13% rise in the last 24 hours finally pushing it above $115 after losing the level on January 2.
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