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BONK Price Might Print Pullback If This Analyst's Warning Comes True

source-logo  u.today 11 December 2023 14:58, UTC

Solana’s flagship meme coin BONK is at a pivotal point, where its ongoing bullish growth may not just take a breather but reverse its gains. Top market analyst Ali Martinez shared this sentiment, noting that a previous BONK indicator that showed a buy signal in the runup to the 8,422.58% bull run is now also flashing a sell signal today.

The TD Sequential indicator, Martinez’s favorite gauge of trend-exhausting patterns, and the accompanying reversal is showing a sell signal, a sign that the monthlong growth might eventually be bucked. While the analyst did not predict the exact time in which the reversal will be triggered, he proposed perhaps one to two weeks.

Flashback to just before $BONK's 8,422.58% bull run – the TD Sequential indicator had presented a buy signal on the weekly chart!

Now, the same indicator is showing a sell signal. This suggests #BONK might be heading into a correction period lasting one to four weeks. pic.twitter.com/qjEHO9ss0o

— Ali (@ali_charts) December 11, 2023

At the time of writing, BONK is arguably one of the best-performing cryptocurrencies at a time when the majority of the market has seen a plunge. The meme coin is changing hands at a price of $0.00001235, up 13.35% in the past 24 hours and by more than 458% over the past month.

This impressive milestone marks a crucial trend for BONK as it is working at a frantic pace to beat some of its peers in annual growth records.

BONK in its peers' eyes

Today, there are thousands of meme coins with their own ideals and community, but not all have seen the kind of success that BONK has recorded since it made its emergence this year.

Despite the launch of Shibarium, Shiba Inu (SHIB) has only managed to grow by 15.59% year to date (YTD), against the 11,265.85% BONK has recorded in that period. BONK is still in its infancy and its current market capitalization of $756,275,130 has the potential to grow in the long term.

These impressive price statistics, however, do not negate the fact that BONK is still below the ranking of its peers in terms of fundamental ecosystem utility the way Shibarium is to Shiba Inu.