Solana-based memecoin BONK is currently the second-best performing cryptocurrency in the weekly chart. The memecoin is up 19.3% in the weekly charts and 67.7% in the 14-day charts. Moreover, BONK has rallied by 3836% since April 2023. However, the memecoin has faced an 11.6% correction over the previous month.
Also Read: Solana Meme Coins BONK, DogWifHat, and Maneki Price Analysis for May
Solana-based memecoins have had quite a year so far. BONK and dogwifhat (WIF) are among the best-performing assets this year. Moreover, analysts anticipate these memecoins to continue their bullish trajectory.
Solana-based BONK to hit a new all-time high
BONK hit an all-time high of $0.00004547 on Mar. 4, 2024. The asset is currently down by 46.7% from its March peak. However, the tables may turn soon.
Also Read: Solana: One Trader Earns $23M Through BONK, WIF Meme Coins
According to CoinCodex, BONK will hit a new all-time high of $0.00004566 on May 17, 2024. Reaching $0.00004566 from current levels would translate to a growth of about 88.21%. Moreover, CoinCodex does not anticipate the asset to stop there. The platform predicts the Solana-based memecoin to surge as high as $0.00008538. Reaching $0.00008538 from current levels would translate to a growth of nearly 252%.
Changelly, on the other hand, is more bearish on BONK. The platform anticipates the Solana-based memecoin to hit a maximum price of $0.000019 in May. Moreover, Changelly predicts BONK to hit a maximum price of $0.000025 this year, which it may attain in December.
Also Read: Solana (SOL) Price Prediction: May 2024
Solana-based projects are witnessing a massive surge in price and adoption. However, these memecoins do not have a lot of utility. Therefore, there is a possibility that they may face a steep correction, as investors may be putting money in them in hopes of only making a profit.