Will BONK’s achievement help SOL beat the bears? Examining...

BONK’s weighted sentiments remained bearish despite massive price uptick in the last week.
SOL’s metrics and market indicators continued to support the bears.

Lately, Solana [SOL] has registered a slight decline in fees, which indicated less user activity on the network. Not only that, but SOL’s price action also favored the bears as its price went down by over 4.5% in the last 24 hours. According to CoinMarketCap, at press time, it was trading at $21.69 with a market capitalization of over $8.3 billion.

Read Solana’s [SOL] Price Prediction 2023-24

BONK driving Solana’s network forward?

While Solana’s performance was undermining, BONK, which is a meme token on the Solana network, performed well. As per CoinGecko’s data, BONK outperformed the rest in the network and became the highest gainer in the last seven days, followed by GMT and AUDIO.

Weekly Gainers in Solana Ecosystem $BONK @bonk_inu $GMT @stepnofficial $AUDIO @AudiusProject $CVC @civickey $FIDA @bonfida $ATLAS @staratlas $SLIM @solanium_io
$C98 @coin98_wallet $SOL @solana $GENE @genopets @coingecko #Solana $SOL pic.twitter.com/1KDDY9p2uG

— Solana Daily (@solana_daily) March 20, 2023

However, despite the massive price pump, sentiments around BONK remained bearish, which was evident from a look at the token’s weighted sentiments. Nonetheless, BONK kept its volume up, which is typically a positive signal for a token.

Source: Santiment

BONK’s achievements are not enough for SOL

Though BONK was a top performer, its achievements might not be enough to fuel Solana network’s growth as the blockchain’s on-chain metrics looked concerning. For instance, SOL’s latest price decline was accompanied by a hike in volume, which was bearish.

Positive sentiments around SOL have also witnessed a drop lately, suggesting less confidence among investors in the token. However, SOL’s funding rate and development activity were up, which by and large was optimistic for the blockchain.

Source: Santiment

Realistic or not, here’s SOL market cap in BTC’s terms

Bears to dominate the market

SOL’s daily chart also gave a bearish notion, as most of the market indicators favored the bears and suggested a further price drop in the coming days. For instance, SOL’s Relative Strength Index (RSI) registered a slight downtick and was resting near the neutral mark, which is a bearish signal.

The Chaikin Money Flow (CMF) followed a similar trend and went down, further increasing the chances of a continued downtrend. Nonetheless, the MACD displayed a bullish crossover, suggesting a price uptick. SOL’s Exponential Moving Average (EMA) Ribbon also showed that the bulls can overtake the bears, which gave hope for a trend reversal in the days to follow.