• Bonk (BONK) was trading 12% down as Solana (SOL) moved lower after its recent surge.
• An analyst says BONK could see a “slow bleed before nuke”, suggesting the downward move could gather pace.

Meme coin Bonk (BONK) is trading about 12% down in the past 24 hours, the dip coming amid increased profit taking deals for Solana (SOL).

According to data from CoinGecko, SOL price was down 2% to around $112 as the recent rally appeared to hit brakes above $123. These are the levels that Solana traded at as it nosedived in April 2022.

As liquidations for the cryptocurrency mounted to over $20 million – more than $12 million in longs – the pullback in SOL reflected in the Solana ecosystem tokens such as Bonk, Orca and Jito.

Bonk swelled more than 10x amid major exchange listings by Binance and Coinbase. The gains also saw a massive demand for Solana Saga phones.

What next for BONK?

While BONK remains the third largest by market cap behind Shiba Inu and Dogecoin with over $958 million, another swing lower could see CorgiAI threaten that status quo. The CORGIAI token currently has a market cap of $769 million, with the meme coin’s price up 80% this past week.

BONK is still more than 59% up in the past two weeks and over 350% in the green over the past month. However, at current prices, the meme coin has lost more than half of its value since hitting the all-time high of $0.00003416 on December 15.

Crypto analyst Nebraskagooner says BONK could see a “slow bleed” before it nukes.

“Doesn’t look done yet. Needs to hold the base of that breakout candle on the left otherwise it would get super ugly,” the analyst noted, sharing the prediction in a post on X (formerly Twitter).