Solana-based BONK and WIF up by 17% and 42% – Time to HODL?

  • A trader who held WIF since November made incredible profits.
  • Both BONK and WIF displayed signs of a further increase.

Meme coins built on the Solana [SOL] blockchain, including dogfight [WIF] and Bonk [BONK], registered mind-blowing performances in the last 24 hours.

According to AMBCrypto’s evaluation of market prices, BONK increased by 17.22%. WIF, on the other hand, recorded a much better performance as it climbed by a staggering 42.36%.

These performances brought back memories of 2023 when WIF and BONK outperformed most meme coins in other ecosystems. At press time, BONK changed hands at $0.00001396 while WIF’s price was  $0.535.

However, these performances have not gone without traders making some gains.

Traders are keeping tabs

According to Lookonchain, a trader had bought changed $310 worth of SOL three months ago for 2.58 million WIF. Despite the notable decline that the memecoin had, the trader in question did not sell.

Following the latest pump, the value of the tokens increased by 4530x and was worth $1.4 million at press time.

Source: X

This development triggered AMBCrypto to check the social volume around both cryptocurrencies. Social volume shows the rate at which coins are mentioned on crypto social media channels.

These channels could range from Telegram groups and SubReddits to Discord groups.

According to the result of our on-chain analysis, WIF’s social volume spiked to 21.70 on the 27th of February. On the same day, BONK’s social volume was lower.

This position implied that traders were paying more attention to WIF than BONK. Another metric we looked at was the Weighted Sentiment.

At press time, BONK’s Weighted Sentiment was negative. It was the same with WIF despite the significant price increase.

The negative readings of the metric implied that traders might be applying caution in capitalizing on the price movement.

If the metric had turned positive, it would have implied a positive perception. But as of this writing, the vast majority of discussion around the Solana meme coins remained negative.

A chart showing BONK's and WIF's negative sentiment and social volume

Source: Santiment

BONK and WIF eye new records

From a technical point of view, AMBCrypto observed that WIF and BONK had similar trends.  But when comparing their lows, WIF had performed better.

For instance, we assessed how the Solana meme coins had performed since the 2nd of February.

BONK’s price had increased by 29.45% from then. WIF, on the other hand, registered a stupendous 135.61%. However, a look at the Relative Strength Index (RSI) indicated that WIF was overbought.

This position could trigger a slide in the price, especially if traders start to book profits.

But the Awesome Oscillator (AO) showed that the token could defy that logic. At press time, the AO reading was 0.14, indicating increasing upward momentum.

Realistic or not, here’s WIF’s market cap in BONK’s terms

Should the reading continue to increase, then WIF’s price might extend higher than $0.54.

WIF and BONK price analysis on the 4-hour chart

Source: TradingView

In a highly bullish case, WIF could hit $0.70. However, if the bullish momentum slows down, the price might retrace toward $0.45.

Next: Bitcoin: Why a correction around $60K may be good for you

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