The Honk price plunged 35% in the last 24 hours to trade at $0.004224 as of 05:59 a.m. EST on trading volume that dropped 19% to $5 million.

The sudden price drop is a blow to those who felt the new Solana meme coin HONK could possibly dethrone Bonk as its top performer. 

The Honk community remains confident that it can make a comeback and reach its previous all-time high market cap of $25 million.

$Honk is looking good. Ath at 25m. Now sitting at 5m. Still active and the team is really good. Dont fade the goosecoin on #Solana pic.twitter.com/YKBMoNeoNt

— Golden Goose 🪿 $HONK (@Dobaggie) February 2, 2024

Yet, the question remains: can it still reach Bonk’s level of success?

The Honk Price Trades Within A Bullish Pennant Pattern

The Honk Price has gradually increased from the $0.00183 support level towards the $0.0274 resistance. However, bears seem to have taken control of the price at $0.0217, exerting pressure and causing the decline to $0.004224.

Despite the decline, the price seems to be trading within the bullish pennant, which signals a likely bullish trend reversal for traders.

The price has also dipped below the 50-day Simple Moving Average (SMA), coinciding with the downtrend pressure.

The Relative Strength Index (RSI) is on a downtrend below the 50-midline level at 28, indicating intense selling pressure for the Honk price.

Honk Price Prediction: Bulls Looking For A Support 

The Honk price is currently on a downtrend but is still trading within the boundaries of the pennant.

If the bears continue to exert more pressure, the price may drop to the $0.002 support level, forming a double bottom. The double bottom pattern could signal a potential bullish trend reversal as traders look to this pattern to add more buy positions.

However, if the bulls could change the trend and gain control, they could drive the Honk price to $0.013, coinciding with the upper boundary of the pennant.

As traders search for an entry into Honk, investors in search of promising alternative cryptocurrencies with the potential for substantial returns may want to explore Sponge V2. 

Sponge V2 Set To Launch On Polygon Network, Best Crypto To Buy

Did you miss Sponge V1’s 100X surge last year? If so, there is still another opportunity for you to amass such returns in Sponge V2, which is set to launch soon on major exchanges.

🚨 Only 3 days left! 🚨

Hurry and stake your $SPONGE tokens now before #SPONGE V1 is discontinued!

Withdraw your SPONGE V1 tokens from exchanges and stake them through our website before the 5th of February to be able to claim #SPONGEV2! 🧽#MemeCoin #Crypto #Web3 #Staking pic.twitter.com/uMWnJ7JPY9

— $SPONGE (@spongeoneth) February 2, 2024

Sponge V2 is aiming to emulate the success of Sponge V1 and even more. Sponge V1 amassed over 13,000 holders and got listed on more than ten major exchanges, including Toobit, LBank, and BitMart.

Its market capitalization hit $100 million while attracting major players in the industry like Tron founder Justin Sun, who has shown interest in trading meme coins and bought $SPONGE that’s now worth about $90,000. 

I’ve decided to begin actively trading meme coins and promising projects through my public address. Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023

Furthermore, the Sponge team has announced the discontinuation of Sponge V1, and will migrate it to Sponge V2 on Polygon. 

🚨 Important project update! 🚨

Due to a malicious attack on the Sponge V1 token, we’ll be moving all holders to Sponge V2 on the 5th of February at 11:00 PM UTC.

Please be aware the $SPONGE V1 will be discontinued.

We strongly advise all holders to withdraw their tokens from… pic.twitter.com/itZelxAL9V

— $SPONGE (@spongeoneth) January 31, 2024

All $SPONGE holders are now being moved to the more secure, efficient, and cheaper way to transact $SPONGE V2 on the Polygon network. This shift will be a big boost to the launch of Sponge V2.

🚨 Only 3 days left! 🚨

Hurry and stake your $SPONGE tokens now before #SPONGE V1 is discontinued!

Withdraw your SPONGE V1 tokens from exchanges and stake them through our website before the 5th of February to be able to claim #SPONGEV2! 🧽#MemeCoin #Crypto #Web3 #Staking pic.twitter.com/uMWnJ7JPY9

— $SPONGE (@spongeoneth) February 2, 2024

Buy Sponge Now, Participate In Their Games And Get Rewarded

SpongeV2 brings about new features, with play-to-earn (P2E) gaming as the outstanding one, aimed at attracting new investors and players.

The team is also anticipating the launch of “Sponge Racer,” a game that will feature both a free and paid version.

You can also stake and bridge your $SPONGE tokens to earn $SPONGEV2, with an annual percentage yield (APY) of 237%. Currently, over 6 billion $SPONGE tokens have already been staked and bridged.

YouTuber Alessandro De Crypto is optimistic about the growth of the project. He invested in it himself and believes that Sponge V2 is poised to replicate the successes of its predecessor.

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To join, visit the official Sponge V2 website and link your digital wallet to swap your ETH or USDT for V2 tokens. You can also buy directly using your bank card.

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• Source: https://insidebitcoins.com/news/honk-price-prediction-solana-meme-coin-honk-nosedives-35-but-experts-say-this-meme-coin-may-100x-as-it-migrates-to-polygon