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Home CRYPTO

Solana Meme Coins BONK and WIF Continue to Struggle Amid Market Downturn

Gary Ponce by Gary Ponce
February 5, 2025
in CRYPTO, MEMECOINS
Reading Time: 4 mins read
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  • BONK and WIF have seen steep losses—down 40% and 52%, respectively—amid a 10.8% drop in the overall meme coin market cap.
  • WIF is nearing critical support at $0.97, while BONK risks testing $0.0000199, with further declines possible if bearish momentum persists.
  • A potential recovery could see WIF retest $1.37 and BONK aim for $0.000028, though both require stronger buying pressure to reverse their downtrends.

The once-buzzy Solana meme coins BONK and WIF have been caught in a downward spiral, mirroring the broader collapse in the meme coin sector. WIF has dropped near $1—its lowest point in eight months—while BONK faces critical support levels as its Exponential Moving Averages (EMA) continue to flash bearish signals.

Both tokens have experienced steep declines: BONK has tumbled 40%, and WIF has cratered by 52% in the past month. Although a broader market recovery could spark a turnaround, current indicators suggest further downside risks remain.

Meme Coin Sector in Crisis: BONK and WIF Hit Hard

The entire meme coin market has taken a severe hit, with total market cap plunging by 10.8% in the past 24 hours, now sitting at $90 billion.

Solana-based meme coins, in particular, are facing unprecedented pressure. All of the chain’s top nine meme tokens have posted losses both on a daily and weekly basis. Among them, BONK and WIF are among the hardest hit. Despite their recent setbacks, they remain two of the largest Solana meme coins—BONK with a $1.6 billion market cap and WIF holding $1 billion.

Interestingly, both tokens have been overtaken by TRUMP, which has now claimed the top spot among Solana-based meme coins.

WIF Price Prediction: Testing Key Support

Currently trading near $1, WIF finds itself at a crossroads. After failing to break the $1.37 resistance, the token’s EMA lines suggest continued bearish momentum. Analysts warn that if the price breaches $0.97 support, it could tumble further, potentially testing $0.90.

However, if the broader market recovers and buying pressure increases, WIF may have a shot at regaining lost ground. A move above $1.22 could pave the way for a retest of $1.37, and a breakout beyond that level might propel the price to $1.64 or even $1.99—representing a possible 91% gain from current levels.

BONK Price Prediction: Approaching November Lows

BONK’s price action mirrors WIF’s troubles. Its EMA lines remain in a bearish alignment, with short-term averages trading below long-term ones—a signal that the downtrend may continue. Should this trend persist, BONK could soon test $0.0000199, and a breakdown could send the token as low as $0.000017, marking its lowest price since November 2024.

On the flip side, a recovery might see BONK challenge resistance at $0.0000225. If a breakout occurs, further gains toward $0.000028 and possibly $0.0000398 could follow, signaling a potential reversal and rally.

Final Thoughts

The meme coin sector, particularly on Solana, remains under intense pressure as BONK and WIF struggle to find stability. Both tokens need a strong shift in sentiment and broader market recovery to regain momentum. Until that happens, further declines could still be on the table. Traders are keeping a close eye on key support and resistance levels, as any breakout or breakdown will likely set the tone for the next major price movement.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: $TRUMPBonkDogwifhatSolana
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Gary Ponce

Gary Ponce

Gary has been active in the crypto space since 2019, developing hands-on experience in trading, airdrop hunting, and identifying emerging narratives in low-cap tokens. For over four years, he has contributed research and editorial content with Aiur Labs and BlockNews, focusing on market analysis and community insights. His work reflects both transparency and independent reporting, with an emphasis on simplifying complex ideas for readers. Gary is a long-term believer in Bitcoin, Sui, Hype, Litecoin, XRP, and select meme tokens, combining personal trading knowledge with professional editorial standards.

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