Tuesday, 20 February 2024

Crypto News

Solana (SOL) rally to $100 could benefit BONK, Memeinator

SOL price up 110% in Q1 2023 for best quarter since Q2 2021?

  • Solana price is up 30% in 24 hours as bulls look to strengthen above $70.
  • Meanwhile, Bonk (BONK) has hit a new all-time high amid the bullish SOL outlook.
  • Is the Memeinator (MMTR) likely to benefit from a resurgence in meme coins like Bonk? 

Solana traded to above $72 on Friday morning, with SOL price gaining more than 13% in the past 24 hours to pierce a level last seen in May 2022.  Solana’s price was hovering at 19-month highs, with bulls boasting a more than 800% spike since SOL flipped higher from lows of $8 in late December 2022.

Could this surge for SOL cascade to Solana ecosystem meme coin Bonk (BONK)? What would a surging BONK mean for Memeinator (MMTR)?

Solana (SOL) price could surge to $100 in coming weeks

Analysts are predicting the 6th ranked cryptocurrency could continue an upside trajectory towards the $100 mark. 

A look at the charts shows SOL/USD has notched 7 green weekly candles out of the last 8, and on the monthly chart, its four consecutive greens for the first time since SOL rallied higher with five straight greens from July to November 2021.

Solana price on the weekly chart. Source: TradingView

With buy-side pressure likely to mount amid key network growth and price action, the former BitMEX CEO Arthur Hayes’ bullish call for Solana to $100 could be on the cards. While that may not happen this weekend, strengthening above $70 could bulls the foundation to assault the higher levels.

If bears manage to poke their nose into bulls’ business in the short term, then a bearish retest of support could be possible for the range of $60-$55. Below that is the $50 level which will likely act as a robust support area.

Bonk (BONK)  – Solana-based meme just hit new ATH

Bonk (BONK) is a Solana-based dog-themed meme coin that has seen significant gains over the past few weeks. Within the Solana ecosystem, BONK stands out as one of the top performing coins, rising over 200% in the past week.

Over the past 30 days, this meme token has jumped over 1,000%. The past 24 hours have seen BONK rise 30%, hitting an all-time high of $0.00001224 on December 8. This came as trading volume reached $200 million and up 137% in the last 24 hours.

BONK was launched last year and struggled for any community traction as the meme coin space experienced a dip. However, with interest in Solana rising over the past few months as…

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