The post Bonk & Daddy Tokens Plunge As Solana-based Memecoins Stumble Again! appeared first on Coinpedia Fintech News
With the price of Bitcoin failing to reclaim the $60K mark, the crypto space continues to record a bearish price action. Further, the Solana price has repeatedly failed to hold its value above the $140 mark for the Eighth consecutive day, highlighting a strong selling point at that level.
Following this, SOL-based altcoins have experienced a similar trend by displaying significant corrections in their respective portfolios. Moreover, top Solana-based memecoins have recorded the highest loss with some memecoins displaying a double-digit drop.
Bonk Price Fails To Break Out Of Its Important Resistance Level:
The BONK price successfully retested its crucial support trendline, following which this memecoin recorded a positive uptrend for three consecutive days by adding 35.67% during this time. However, it failed to surpass its resistance trendline, resulting in a bearish reversal.
TradingView: BONK/USDT
Notably, the BONK coin price has dropped 11.03% within the past day, with a trading volume of $318.719 Million. This has further resulted in this memecoin losing its 4th place to Dogwifhat which has a market cap of $1.574 Billion. Bonk mememcoin has a market cap of $1.573 Billion.
The technical indicators, RSI and MACD have recorded a strong bearish curve in their respective chart, suggesting an increase in the negative influence within the crypto space.
If the bears continue to dominate the market, the Bonk crypto will prepare to test its crucial support level of $0.00002125. However, a bullish reversal could result in the Bonk price heading toward its resistance of $0.0000270.
Daddy Tate (DADDY):
Built on the Solan chain, Andrew Tate’s “DADDY” token has gained significant attention from the crypto market following its listing. Launched on 09th June, it has rewarded its early investors with a return of +85.08%. The project primarily aims to offer crypto education and investment with its native token.
Amid increased price volatility in the crypto space, the DADDY price has recorded a correction of over 15% in valuation within the past day with a trading volume of $10.655 Million, a jump of approximately 46%. Notably, this altcoin is currently trading at a discount of 54.55% from its ATH.