WIF and BONK, meme coins on Solana, experience remarkable surges. Analyzing performance, social volume, and sentiment. Technical insights and price forecast.
Alternative coins based on the Solana [SOL] blockchain, such as dogfight [WIF] and Bonk [BONK], showcased remarkable performances within the last 24 hours.
Based on market assessments by AMBCrypto, BONK experienced a notable surge of 17.22%. Meanwhile, WIF demonstrated an even more impressive increase, soaring by an astounding 42.36%.
These recent achievements harken back to the successes of 2023, where both WIF and BONK outshined many other meme coins in various ecosystems. As of the latest update, BONK was traded at $0.00001396, while WIF's price stood at $0.535.
The surge in performance has resulted in substantial gains for traders.
For example, according to data from Lookonchain, a trader exchanged $310 worth of SOL for 2.58 million WIF three months ago. Despite fluctuations in the memecoin's value, the trader held onto the investment.
Following the recent surge, the value of these tokens skyrocketed by 4530x, reaching $1.4 million at the current time.
This development prompted AMBCrypto to investigate the social buzz surrounding both cryptocurrencies. Social volume indicates the frequency of coin mentions across various crypto social media platforms.
These platforms encompass Telegram groups, SubReddits, and Discord groups, among others.
According to our on-chain analysis, WIF's social volume spiked to 21.70 on February 27th. Conversely, BONK's social volume remained lower on the same day.
This observation suggests that traders are currently paying more attention to WIF than BONK. Another metric analyzed was the Weighted Sentiment.
As of now, BONK's Weighted Sentiment appears negative, mirroring the sentiment around WIF despite its significant price surge.
The negative sentiment suggests that traders may be exercising caution in capitalizing on the price movements.
A shift to a positive sentiment would indicate a more optimistic outlook. However, at present, the majority of discussions surrounding Solana meme coins remain pessimistic.
From a technical perspective, AMBCrypto noted similarities in the trends of WIF and BONK. However, when comparing their respective lows, WIF has shown stronger performance.
For instance, since February 2nd, BONK's price has increased by 29.45%, while WIF has surged by an impressive 135.61%. Nevertheless, an examination of the Relative Strength Index (RSI) indicates that WIF is currently overbought.
This situation could potentially trigger a price correction, particularly if traders begin to realize profits.
However, the Awesome Oscillator (AO) suggests that the token might defy this logic. As of now, the AO reading stands at 0.14, indicating a strengthening upward momentum.
If this trend continues, WIF's price could surpass $0.54.
In an exceptionally bullish scenario, WIF could reach $0.70. Nonetheless, if bullish momentum wanes, the price might retrace towards $0.45.