BONK price did not fail its investors, but it also did not live up to their expectations, which is evident in their shifting sentiment.
The likely outcome for the meme coin now is a drawdown as investors opt to choose the other side.
BONK Investors Turn Bearish
BONK price may not benefit from what’s next for the meme coin. Investor sentiment towards BONK has been pessimistic for some time and shows no signs of improvement. This ongoing negativity reflects broader concerns within the market.
A significant factor contributing to this pessimism is the lack of expected profits from BONK’s price rise. Investors had anticipated higher returns, but these have not materialized as expected.
This disappointment has directly impacted the funding rate. As hopes for substantial gains diminish, the funding rate has started to turn negative.
The negative funding rate is a clear indicator of the prevailing bearish sentiment. Without a reversal in expectations or significant positive developments, it is challenging to see a shift towards optimism for BONK investors.
Read more: Bonk Airdrop Eligibility: Who Can Claim and How?
BONK Price Prediction: The Uptrend Continues, but Not Really
BONK price at $0.00002853 is currently under the resistance of $0.00003182, attempting to remain above the support of $0.00002748. This is because the meme coin has been noting an uptrend since mid-April and intends to continue it.
However, the investors are of a different opinion as they continue to push for a decline. If BONK was to lose the support of $0.00002748, the meme coin will likely drop to $0.00002153 which would invalidate the uptrend.
Read more: 11 Top Solana Meme Coins to Watch in June 2024
However, if the crucial support level remains intact, a recovery cannot be ruled out. Once the barrier at $0.00003182 is invalidated and breached, a rise could take place. This would result in the bearish thesis being invalidated.
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