Solana-Based Meme Coins, WIF, BOME and BONK Face Sell-off

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Written By Pinang Driod

As the overall market volatility starts from last Tuesday’s dip, the meme coin sector is on a similar rocky road. Amidst such choppy market behaviors, Solana-based meme coins are struggling to come back from the recent hiccup. 

Even the Solana price trend shows a minor correction, as it loses the $200 mark and drops to the $180 mark. The market cap of altcoins, excluding Bitcoin, is reverting to the $1 trillion mark, falling 8.3% in two days. 

Moreover, the BTC price is down by 5.60% and retests the $63K mark. Hence, with a visible weakness in buying pressure, let’s have a look at Solana-based meme coins to find out the next potential reversal spot. 

Top Solana-based Meme Coin Breaks Under Support Line

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With an expanding triangle in the 4H chart, the ongoing correction in the WIF price cracks under the support trendline. The 27% fell within two days, with the meme coin losing market value at a quick pace. 

The falling prices of this Solana-based meme coin question the upcoming price trend as it approaches the 50% Fib level at $1.85. However, the strong demand zone at the 50% Fibonacci level could lead to a bounce back. 

In such a case, the meme coin could reach the overhead 100% Fib level at $3.41. However, the retest of the broken trendline could fuel the downtrend. Hence, short-term preemptive behavior is critical for sideline traders. 

Crashing BONK Price Fails Retest

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With a 38% drop in the last seven days, the downtrend gains momentum in the BONK price. As buyers failed to halt the falling price, the Solana-based meme coin crashed to test the bullish dominance at the 50% Fibonacci level. 

Further, the BONK price is making the second consecutive bearish candle, the intraday drop of 10% reflects a growing bearish sentiment. Hence, the possibility of a downtrend continuation increase and teases a drop to 23.60% at $0.000015. 

Book of Meme (BOME)

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With the creation of a falling channel, the BOME price is under immense sell-off as the initial hype cools off. However, the meme coin presents a minor comeback from a crucial Fibonacci level of 78.60%. 

With a bullish revival in a bearish channel from crucial support, the chances of a breakout rally grow dramatically. Amidst such anticipations, the sideline traders await a bullish breakout to captilize on the next bullish frenzy. 

In case of a bullish breakout, the Solana-based meme coin price could hit the $0.020 mark. 

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