Solana Meme Coins WIF and BONK Face Turbulence Amid Market Downturn

Solana meme coins WIF and BONK are grappling with challenges as the broader sector experiences a downturn. WIF has recently plummeted to nearly $1, marking its lowest point in eight months, while BONK is at risk of testing crucial support levels as its EMA lines indicate a continued downward trend.

Both tokens have witnessed substantial declines, with BONK sliding by 40% and WIF plunging by 52% in the last 30 days. Although a potential resurgence in meme coins could trigger a recovery, the pressure on both assets remains palpable, with the possibility of further declines looming.

The meme coin space has taken a hit, experiencing a 10.8% drop in the last 24 hours and currently holding a total market cap of $90 billion.

Solana meme coins have been especially impacted, as all of the chain's top nine tokens have recorded losses in the past day and week.

Despite the recent hardships, BONK and WIF continue to be significant players in the Solana meme coin realm. BONK holds the second position with a market cap of around $1.6 billion, closely trailed by WIF at $1 billion. However, TRUMP has emerged as the top Solana meme coin, surpassing both.

The future for WIF appears uncertain, with its price hovering near $1 and facing resistance at $1.37. The prevailing downtrend suggested by its EMA lines indicates the potential for further bearish momentum. A break below $0.97 could introduce additional downward pressure, possibly pushing the price below $0.90. Nonetheless, a broader recovery in meme coins, particularly within the Solana ecosystem, might assist WIF in regaining traction and testing higher price points.

On the other hand, BONK's EMA lines mirror WIF's downward trajectory, suggesting the possibility of testing lower levels in the near future. Reversing this trend could see BONK aiming to challenge resistance levels and potentially initiating a strong recovery.