BONK worth sees 12% drop as Solana pares positive aspects

• Bonk (BONK) was buying and selling 12% down as Solana (SOL) moved decrease after its current surge.
• An analyst says BONK might see a “sluggish bleed earlier than nuke”, suggesting the downward transfer might collect tempo.

Meme coin Bonk (BONK) is buying and selling about 12% down prior to now 24 hours, the dip coming amid elevated revenue taking offers for Solana (SOL).

In accordance with information from CoinGecko, SOL worth was down 2% to round $112 because the current rally appeared to hit brakes above $123. These are the degrees that Solana traded at because it nosedived in April 2022.

As liquidations for the cryptocurrency mounted to over $20 million – greater than $12 million in longs – the pullback in SOL mirrored within the Solana ecosystem tokens reminiscent of Bonk, Orca and Jito.

Bonk swelled greater than 10x amid main trade listings by Binance and Coinbase. The positive aspects additionally noticed an enormous demand for Solana Saga telephones.

What subsequent for BONK?

Whereas BONK stays the third largest by market cap behind Shiba Inu and Dogecoin with over $958 million, one other swing decrease might see CorgiAI threaten that established order. The CORGIAI token at the moment has a market cap of $769 million, with the meme coin’s worth up 80% this previous week.

BONK continues to be greater than 59% up prior to now two weeks and over 350% within the inexperienced over the previous month. Nonetheless, at present costs, the meme coin has misplaced greater than half of its worth since hitting the all-time excessive of $0.00003416 on December 15.

Crypto analyst Nebraskagooner says BONK might see a “sluggish bleed” earlier than it nukes.

“Doesn’t look accomplished but. Wants to carry the bottom of that breakout candle on the left in any other case it might get tremendous ugly,” the analyst famous, sharing the prediction in a submit on X (previously Twitter).