PONKE is among the top memecoins of 2024 so far in terms of gains, and it appears to be concluding its first major correction.
- PONKE looks set for a pivot and a continuation of its upward march as social dominance soars. A look at key price targets when PONKE bulls make a strong comeback.
PONKE [PONKE], one of the newer memecoins on the market, has performed exceptionally well this year. However, it faced a sharp pullback after its July highs.
Now, new data suggests that the bears might be running out of steam and may soon pave the way for more upside.
PONKE has been descending from its historic peak for almost eight weeks now. A consequence of this downside is that attention shifted elsewhere.
However, the memecoin might be making another attempt, especially now that it is enjoying a healthy discount.
According to LunarCrush Social Intelligence, PONKE recently experienced a major social dominance surge. This suggests that the memecoin is starting to attract attention once more.
The uptick in PONKE’s social dominance might be a pre-cursor to robust liquidity flows.
The observation was also timely considering that the memecoin recently demonstrated signs of a relief from the bearish assault that has prevailed from its ATH.
PONKE peaked at $0.715 in June after rallying by over 12,000% from its lowest price point in July. It exchanged hands at $0.269 at the time, which is equivalent to a 62% discount from its ATH.
The memecoin’s sell pressure appears to have leveled out earlier this month.
Is now a good time to reaccumulate PONKE?
PONKE’s discounted price may present an attractive entry point, especially considering that it has already demonstrated impressive demand at current levels and lower in the past.
Many may thus consider this as a healthy zone to get back in.
The observation that social dominance is rising at around the same time that price is leveling out may also be considered bullish.
On top of that, the Money Flow indicator signaled that liquidity has been flowing back into the memecoin.
But how far can PONKE realistically go? Strong demand could easily push it back to its previous ATH and possibly higher. That would be equivalent to a 165% plus gain from its press time level.
PONKE’s impressive rally in just six months suggests that it could be one of the most accumulated memecoins in the next bullish wave.
It has potential to join the growing list of memecoins whose marketcaps are above $1 billion. Which brings us to the next major prediction.
PONKE will have a $1.8 price tag if it soars to a $1 billion marketcap on a fully diluted basis. That would be equivalent to a 569% gain from its current price level.
PONKE’s marketcap was just over $150.4 million at press time.
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