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June 18, 2024
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BONK Investors got Bonked! Will Solana Price Begin With Fresh Inverse Action?

The post BONK Investors got Bonked! Will Solana Price Begin With Fresh Inverse Action? appeared first on Coinpedia Fintech News

The BONK price incepted the crypto markets with a blast and surged more than 300% in just a few hours. In a very less period, the Solana Shiba-INU-themed BONK gained huge attention which later impacted the SOL price which surged from a single-digit figure to as high as $13.60.

However, the BONK prices have now slashed heavily with the market experiencing a significant pullback along with Solana prices which have dropped by 3.45% and still counting. 

Trading View

The BONK price has been slashed by more than 70% from its highs in the past few hours, but displaying the possibility of a bullish reversal in the short-term. Therefore, the ascending consolidation may carry out for some time but may certainly not range heavily towards the upper targets situated above 50% from the current levels. Mainly due to the reason that the volume in the half-hourly chart has slumped hard. This denotes the lack of user interest since the early trading hours. 

Presently, the bearish volume has intensified to a large extent and hence the price is also speculated to slice through these pivot levels and drop back towards the single-digit figure very soon. Meanwhile, the Solana price is struggling to hold above the crucial 50-day MA levels in the daily chart which is acting as strong support for the past few days. However, in the 4-hourly chart, the 200-day MA levels are still acting as strong support levels to hold on. 

Trading View

The price had reached the last point of defence around $7.96 and quickly rebounded to reach the interim high of around $14.14. After it marked the highs, the price is constantly consolidating within a very narrow range, but pointing towards the bottoms. In case of a bearish influence, the 200-day MA levels in the short term could act as a strong support level at $12.35. 

If the Solana price successfully rebounds from these levels, then it may firmly head towards the immediate resistance at $14.94, else may drop below $10 again.

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