BONK and DADDY Tokens See Red as Solana (SOL) Price Action Continues to Disappoint

With the price of Bitcoin failing to reclaim the $60K mark, the crypto space continues to record a bearish price action. Further, the Solana price

The price of Bitcoin (BTC) has failed to reclaim the crucial level of $60,000, leading to a bearish trend in the crypto market. Solana (SOL) price has also faced resistance at the $140 mark for eight consecutive days now. This key level has been highlighting strong selling pressure.

As a result of SOL’s bearish price action, SOL-based altcoins have also witnessed a similar trend, with significant corrections being observed across their portfolios. Top Solana-based memecoins have recorded the highest losses, with some memecoins even displaying a double-digit drop.

BONK Price Fails To Break Out Of Its Important Resistance Level

After successfully retesting its crucial support trendline, BONK price noted a positive uptrend for three consecutive days, adding 35.67% during this time. But it failed to surpass its resistance trendline, which triggered a bearish reversal.

noBonk crypto price has slid 11.03% over the past day and is currently trading at a price of 0.00002375 with a trading volume of 318.719 Million. This has also led to the memecoin losing its 4th place to Dogwifhat, which has a market cap of $1.574 Billion, while Bonk mememcoin has a market cap of $1.573 Billion.

From the technical perspective, both the RSI and MACD indicators have noted a strong bearish curve in their respective chart, indicating an increase in the negative influence within the crypto space.

If the bears continue to dominate the market, the Bonk crypto will be preparing to test its crucial support level of $0.00002125. But a bullish reversal could lead to the Bonk price heading toward its resistance of $0.0000270.

Daddy Tate (DADDY)

Built on the Solan chain, Andrew Tate’s “DADDY” token has grabbed the attention of the crypto market after its listing. Launched on 09th June, it has rewarded its early investors with a return of +85.08%. The project is mainly focused on offering crypto education and investment with its native token.

Amid the high price volatility in the crypto space, DADDY price has slid over 15% in valuation over the past day and is currently trading at a price of 0.00007775 with a trading volume of 10.655 Million, which has jumped by around 46%. Notably, this altcoin is trading at a discount of 54.55% from its ATH.

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