After popular meme coins such as DOGE, SHIB and PEPE, investors turned to the new Solana-based meme coin Bonk (BONK). However, the decline that occurred after Bonk's increase in value last year made investors nervous. According to 21milyon.com data, BONK was among the crypto assets that lost the most value last week.

Currently, BONK is trading at $0.00001042, and considering the last 6% decline, it seems possible that the downward trend will continue in the short term if there is no new news in the market. Santiment data shows that BONK's weighted sentiment turned negative on December 29 and remains in the negative territory.

While negative sentiment prevailed in the market, token sales related to BONK increased. Investors prefer to sell BONK instead of accumulating it since the first days of the year. This can be understood from the underlying momentum of the token.

When BONK's Money Flow Index (MFI) and Relative Strength Index (RSI) values ​​are examined, it can be thought that an uncertain atmosphere prevails among investors and demand has started to increase despite the sales pressure. However, in the event of a possible decline, it can be predicted that prices may begin to retreat.

BONK's Chaikin Money Flow (CMF) value is positive, which may indicate that investors are waiting for a suitable time to enter the market and put upward pressure on prices. According to Coinglass data, open interest in BONK increased by 32% in the last five days, and funding rates on exchanges also showed a positive trend.