BONK Price Prediction: Will the Memecoin Recover After Partnering With Baseball United?

BONK, a Solana-based memecoin, recently consolidated within a falling wedge pattern. BONK price underwent a severe reversal from the supply zone of the $0.00004200 mark.

Solana (SOL)-based memecoin BONK recently displayed a poor performance with a losing streak this week. Notably, the memecoin price sailed below the 200-day EMA mark and displayed bearishness on the charts.

After beginning the week at $0.00002007, the memecoin slid over 15% to reach lows of $0.00001703. At the same time, it attempted to correct from the lows and was trading above the $0.00001700 mark.

However, the memecoin encountered resistance at the 200-day EMA (Exponential Moving Average) and failed to continue its rally. From the 52-week highs, the token has lost over half its value.

The memecoin slid further and reached the edge of its demand zone, which is around $0.00001500. As long as the memecoin holds this level, the further selloff may not hit the bulls.

However, if it breaches, the next bearish leg would settle around the $0.00001300 mark in the short term.

When writing, the BONK token trades at $0.00001752 with an intraday drop of 5.20%, reflecting bearishness on the charts.

Solana Memecoin Bonk (BONK) Price Chart

BONK Token Price Displayed Bearishness

The memecoin price showed signs of bearishness with a price drop of over 5% in the past 24 hours. However, the memecoin displayed a recovery last week as most crypto altcoins slid.

Despite the attempt to gain momentum, the bonk bulls failed to cross the 200-day EMA barrier and capped the downside.

Moreover, the memecoin price is down over 60% in the past three months and displayed a significant bearish trend. From the 52-week highs, the token has lost over half its value. It continued to form the lower lows and struggled at the crucial pivot of $0.00001600.

Solana Memecoin Partnered with Baseball United

In other news, Baseball United announced that Bonk (BONK) will be the presenting partner for the upcoming 2024-25 baseball season. This partnership is set to break down the barriers between sports and digital currency.

The endorsement will see Bonk (BONK) integrate into various aspects of the league, including on-field branding, digital media, and fan engagement initiatives. This partnership aims to propel the league and the crypto asset to a different level of recognition.

Solana (SOL) Price Action

Meanwhile, Solana (SOL) price displayed a recovery last week as it aimed to cross the $27 mark. However, it faced resistance and began the week with a loss of 3.04%. At the same time, SOL price attempted to hold above the $26 mark.

Solana (SOL) began the week at $26.04 and slid to lows of $25.43. Later, it showed some recovery and was last seen trading at $26.03.

With a price range of $25.43 to $26.48, Solana (SOL) showed minimal price volatility and a lack of strong directional bias. Moreover, the bears added to their positions as the futures Open Interest declined by 6.28% to $301.88 Million.

Solana Price Chart Depicts Bearishness

The bears showed up as the price volatility line declined with the price drop. It showed lower selling pressure with a lack of volume participation. That might be a sign of bottoming out, and the memecoin may find support here.

Amid the price decline, the investors showed low conviction for BONK, as the curve is below the zero line. It meant a negative sentiment for the memecoin.

The lack of follow-up on the upside hinted at a lack of conviction from buyers and a potential pullback to bottom support.

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