Solana's Own Meme Coin, Up 5700% This Year, Is 'Heading Into A Correction Period:' Crypto Analyst

The meme coin associated with Solana, BONK BONK/USD, has experienced an ascent, racking up gains of 5700% since the start of the year, dwarfing the performances of top meme cryptocurrencies like Dogecoin DOGE/USD and Shiba Inu SHIB/USD — which rose by 37% and 19%, respectively. 

What Happened: Despite this meteoric rise, Ali, a crypto analyst, warned that BONK could head into a correction period.

The analyst said on X, “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."

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters:  As BONK soared last week, it hit an all-time high at $0.000011. Adding to BONK's momentum, cryptocurrency exchange KuCoin has launched the BONK/USDT trading pair.

Price Action: At the time of writing, BONK was trading at $0.000011, down 3.21% in the last 24 hours, according to Benzinga Pro. 

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