The popular altcoin Solana (SOL) has been one of the hardest-hit cryptocurrencies of the FTX disaster. Several crypto technical analysts indicated more bearish trends for SOL in 2023, down to single digits just yesterday.
Indeed, the market price decline for SOL came after developers started unanimously flocking to Ethereum (ETH). With the lack of builders, the bearish signals included decreasing transaction volume, dramatically shrunk market cap, and an almost fully retracted all-time high (ATH).
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However, the 18th-ranked altcoin returned to the crucial $11 support level. On top of that, the daily bull run was heavily inspired by a new Japanese guard dog-themed memecoin, Bonk (BONK). The Shiba Inu (SHIB) lookalike on SOL’s blockchain made waves on Crypto Twitter and is currently trending on CoinGecko.
Keeping an eye on $SOL 👀
— Sjuul | AltCryptoGems (@AltCryptoGems) January 2, 2023
If it can hold the support and bounce from there for the 3rd time, it can keep the continuation to the upside.
$11.9 - $13.3 and $14.6 are my possible targets, if it can breakout of the 100MA, then the 200MA and finally the diagonal resistance.✍️ pic.twitter.com/T8tFeNquoF
Magic Eden Contemplates BONK Integration
As many builders are leaving for ETH or Polygon (MATIC), the largest NFT marketplace on SOL’s network, Magic Eden, now considers adding BONK. Magic Eden jumped on the new canine memecoin hype by asking Crypto Twitter if they should integrate the freshly-made Solana-based coin.
Shortly after the message, BONK skyrocketed and recorded triple-digit gains in the last 24 hours. At press time, the recently-ranked memecoin is priced at $0.00000120, with 117.17% daily gains, according to CoinGecko. Indeed, BONK is quickly climbing up the crypto charts and now ranks at #291.
It’s a new year, maybe we should integrate some new cryptocurrencies or chains
— Magic Eden 🪄 (@MagicEden) January 2, 2023
Should we start with $BONK? Idk
Crypto Twitter Dishes Out BONK as Solana Rebounds
Crypto Twitter has positively reacted to the new memecoin surging out of the blue. Various well-known crypto personalities and NFT collections offer free airdrops for those who haven’t got any Bonk (BONK) yet. Naturally, this resulted in #BONK & $BONK trending on Twitter and a positive impact on Solana.
At press time, SOL trades at $11.88, according to CoinGecko. Having fetched 7% in the green for the last 24 hours, the popular altcoin is still licking its wounds from the FTX fiasco, which resulted in Alameda’s SOL holdings getting unscrupulously dumped.
Found some $BONK in my burner, who still holds 0 and want some ? pic.twitter.com/viw3HOzwoR
— Anglio (@CryptoAnglio) January 2, 2023
On the Flipside
- Crypto entrepreneur David Gokhshtein believes that Solana’s days are numbered, mainly because the blockchain’s developers are switching to other options.
Why You Should Care
Memecoins often lead rebound rallies during extreme market conditions.
Find out what’s going on in the mercurial world of memecoins:
Shiba Inu (SHIB) Community to Launch VIP Network App Ahead of Shibarium
Dogecoin (DOGE) Developer Launches Tipping Extension as DOGE Drops 5.2%
