Recently, the Crypto Assets market has shown a positive trend, especially the memecoins based on the Solana Blockchain are experiencing a potential market reversal. After an initial adjustment, representative coins such as Bonk (BONK), Pudgy Penguins (PENGU), and SPX6900 (SPX) have all seen slight pumps, continuing the rise from Sunday and indicating a shift in market sentiment.



BONK coin's performance is particularly noteworthy, with a rise of over 4% on Monday, continuing the nearly 5% upward momentum from Sunday. Its price is currently stabilizing above the 50% retracement level at 0.00002350 USD, which is the midpoint from the November 20 high of 0.00006230 USD to the April 7 low of 0.00000886 USD. Technical analysis shows that BONK's next significant target is 0.00002958 USD, corresponding to the 61.8% Fibonacci retracement level.

From a technical perspective, if BONK can break through and stabilize above $0.00002958, it may further drive its pump to $0.00004105, which is the 78.6% Fibonacci retracement level. The relative strength index (RSI) on the daily chart currently maintains a neutral range around 47, indicating that BONK may be brewing new upward momentum.

It is noteworthy that the recent price trend of BONK has formed a pattern referred to by technical analysts as the "Morning Star Pattern", which is typically seen as a potential bottom reversal signal. At the same time, PENGU is also showing bullish signs, suggesting a possible rebound in the short term. SPX is exhibiting a rebound trend within a rising wedge pattern, indicating there may be further room for a pump.

Nevertheless, investors should still approach the volatility of the memecoin market with caution. Although the current trend shows positive signs, the uncertainty in the Crypto Assets market still exists. Market participants should closely monitor factors such as overall market sentiment, regulatory environment, and the performance of major indices to make informed investment decisions.
SOL2.17%
BONK2.69%
PENGU3.32%
SPX10.6%
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SatoshiSherpavip
· 08-07 03:26
The break reversal of bonk.
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GetRichLeekvip
· 08-06 10:48
Did I miss the All in opportunity again when I woke up?
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HashRateHermitvip
· 08-05 15:05
It's better to watch the evaporation.
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Degen4Breakfastvip
· 08-04 10:37
Continue all in bonk and just do it.
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Blockwatcher9000vip
· 08-04 10:36
Let's go, bullish is coming!
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