The Solana meme coin sector continues to face significant headwinds, with leading tokens dogwifhat (WIF) and BONK experiencing steep declines. WIF has plunged to nearly $1, its lowest level in eight months, while BONK risks testing critical support levels as its Exponential Moving Average (EMA) lines indicate persistent bearish momentum.
Meme Coin Sector Takes a Hit
The overall meme coin market has suffered a sharp decline, shedding 10.8% in the past 24 hours, bringing the total market cap down to $90 billion. Solana-based meme coins have been among the hardest hit, with all of the chain’s top nine tokens recording losses over the past week.
Among the worst performers, BONK has plummeted 40%, while WIF has tumbled 52% over the past 30 days. Despite these losses, both tokens remain key players in the Solana ecosystem. BONK holds a market cap of $1.6 billion, making it the second-largest meme coin on Solana, closely followed by WIF at $1 billion. However, the rise of TRUMP, another Solana-based meme token, has overshadowed both, positioning itself as the leading meme coin on the network.
WIF Price Outlook: More Losses Ahead?
WIF’s price is currently hovering near $1, failing to break past the $1.37 resistance level. Technical indicators suggest the downtrend remains intact, with WIF possibly testing its $0.97 support level. A breakdown below this mark could send it further down to $0.90.
However, if Solana’s meme coin sector sees a resurgence, WIF could regain upward momentum. A successful rebound could push WIF to $1.22, with a breakout leading to $1.37. Clearing this resistance might spark a rally to $1.64 or even $1.99, representing a 91% potential gain.
BONK Faces Make-or-Break Moment
BONK is mirroring WIF’s decline, with its short-term EMA lines trending below long-term indicators. If this bearish trajectory continues, BONK could soon test $0.0000199, and a breakdown could send it plummeting to $0.000017, its lowest level since November 2024.
For a recovery, BONK must first reclaim $0.0000225 resistance. A breakout above this level could push it to $0.000028, with stronger bullish momentum potentially driving it up to $0.0000398.
Also Read: Can DogWifHat (WIF) and Pepe Meme Coins Reclaim Momentum After Bitcoin’s Setback?
While WIF and BONK remain under intense selling pressure, a broader market rebound—especially within the Solana ecosystem—could reignite meme coin enthusiasm. Until then, traders should brace for further volatility as both tokens hover near crucial support levels.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
