Ponke Price Trading Near All-Time High As Trader Turns $1,360 To $2.3 million — What Next for PONKE?

Key Takeaways

• PONKE hits all-time high amid broader crypto market rally.
• Potential PONKE downturn hinted by technical indicators.
• PONKE recently soared to nearly $0.50, then dropped.

Another Solana-based memecoin is making headlines today after one trader made a small fortune in a single trade. According to Lookonchain , a trader turned an investment of 12 Solana (SOL) tokens, worth about $1,360, worth of the PONKE memecoin into more than $2.3 million. This was achieved through purchasing 5.21 million PONKE tokens December 24, last year. The value of these tokens soared during a crypto, which saw an increase of over $200 billion in the overall crypto market cap.

PONKE reached its all-time high of nearly $0.50 on May 20 and retested it the next day. It fell by 11% and is now (May 22 2024) being traded at $0.42. 

PONKE Price Analysis 

The price of PONKE started its last uptrend on May 13 at $0.15. In a five-wave manner, it increased 216% to its all-time high of $0.48. This indicates the completion of the uptrend, in conjunction with the subsequent 25% drop to $0.36 on May 21. 

However, the price rose again, revisiting its all-time high vicinity, but showed signs of struggle. It fell by another 11% but quickly recovered, now trading at $0.44. Even though it is still above the ascending support, there are signs of a further downfall. 

The RSI reached 85% on May 18 and has been in a downtrend. The rising price formed a bearish divergence, hinting at a potential reversal. The daily chart MACD also flashed a bearish sign, forming a death cross on May 21. 

It appears PONKE is ready for a downtrend, forming a double top before a breakout below the ascending support, which will confirm its beginning. If this happens, we will be looking at $0.35 for a potential target, a 0.382 Fibonacci retracement.

However, this could be as a corrective fourth wave out of a larger five-wave impulse. This, in turn, would mean PONKE would have the potential to rise to a new all-time high. The target may vary depending on the depth of the expected downturn and the momentum of the following upturn. 

But exceeding the all-time high would mean the price is eyeing values above $0.50, with $0.55 looking not far off. 

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.